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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
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Name : |
KLOCKNER PENTAPLAST OF AMERICA INC |
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Registered Office : |
The Corporation Trust Company Corporation Trust Center 1209 Orange Street, Wilmington, New Castle De
19801 |
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Country : |
United States |
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Date of Incorporation : |
29.03.1977 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturer of vinyl, polyester, film, and barrier films. |
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No. of Employees : |
1,284 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal Economic Risk: Nil |
Currency: USD |
IDENTIFICATION
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Legal Name: |
KLOCKNER PENTAPLAST OF AMERICA
INC |
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Trade Name: |
KLOCKNER PENTAPLAST |
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Legal Address |
THE CORPORATION TRUST COMPANY CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, NEW CASTLE DE 19801 USA |
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Operative Address |
3585 Kloeckner Road Gordonsville, VA 22942 United States |
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Telephone: |
+01.540.832.1400 |
ID : |
0836408 |
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Fax: |
+01.540.832.1405 |
Legal Form: |
Corporation for Profit |
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Email: |
kpainfo@kpfilms.com |
Registered in: |
Delaware |
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Website: |
http://www.kpfilms.com |
Date Created: |
1977 |
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Manager: |
Michael F. Tubridy - President & Chief Operating Officer |
Date Incorporated: |
March 29th, 1977 |
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Staff: |
1,284 |
Stock: |
N/A |
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Value: |
N/A |
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Activity: |
Manufacturer of vinyl, polyester, film, and barrier films. |
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BANKS
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Name of the Bank |
Bank of America |
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Comments |
This information could not be confirmed with the company. |
BUSINESS
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HISTORY |
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Klöckner Pentaplast of America, Inc., was founded in 1977 and
established in Gordonsville, Virginia, USA. The company operates as a subsidiary of Klöckner Pentaplast GmbH &
Co. KG. |
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PRINCIPAL ACTIVITY |
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|
The company is one of the largest manufactures of rigid plastic films
and sheets for packaging and printing in North America. |
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Products/Services description: |
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The company offers products for pharmaceutical, medical device, food,
electronics, cosmetic, thermoform packaging, and printing applications in the
United States. |
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Sales are: |
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Wholesale |
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Clients: |
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The company´s products are oriented to the pharmaceutical, medical
device, food, electronics, cosmetic, thermoform packaging, and printing
applications industry in the United States. |
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Suppliers: |
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VINNOLIT GMBH CO. KG CARL-ZEISS-RING 2585737ISMANINGDE |
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Operations area: |
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National, International |
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The company imports from Europe |
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The company exports to North America |
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Trade References: |
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We could not obtain suppliers from North America for us to check trade
references. |
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The subject employs 1,284 employee(s) |
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Comments on staff: |
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This information could not be verified with the company. |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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3585 Klöckner Rd. Gordonsville, VA 22942 United States |
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Comments on location: |
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The company is incorporated in Delaware for tax purposes. However, the company is headquartered in the address above. |
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Branches: |
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Klöckner Pentaplast of America, Inc. 121 Klöckner Lane Beaver, WV, 25813 USA +01.304.254.8300 +01.304.254.8318 fax kpainfo@kpfilms.com Klöckner Pentaplast of America, Inc. P.O. Box 600 600 Gienow Road Rural Retreat, VA 24368 USA +01.276.686.6111 +01.276.686.6665 fax kpainfo@kpfilms.com Klöckner Pentaplast of America, Inc. 1671 Martindale Road Greenville, OH 45331 USA +01.937.548.7272 +01.937.547.6046 fax kpainfo@kpfilms.com |
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Business Overview: |
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The US plastic and rubber products manufacturing industry includes
about 10,000 companies with combined annual revenue of about $190 billion.
Major companies include Berry Plastics, Cooper Tire & Rubber, Goodyear,
Newell Rubbermaid, and Pactiv. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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This is a private company and it operates as a subsidiary of Klöckner
Pentaplast GmbH & Co. KG. Klöckner Pentaplast GmbH & Co. KG P.O. Box 84504 Burgkirchen Industriepark Werk Gendorf 84508 Burgkirchen Germany +49.8679.7.2228 +49.8679.7.5065 fax kpinfo@kpfilms.com |
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Management: |
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Executive Management Dr. Christian Holtmann Chief Executive Officer Klöckner Pentaplast Group Dr. Markus Hölzl Chief Financial Officer Klöckner Pentaplast Group Dr. Dieter Hesterwerth Chief Technology Officer Klöckner Pentaplast Group Michael F. Tubridy President & Chief Operating Officer Klöckner Pentaplast/Americas Stefan Brandt President & Chief Operating Officer Klöckner Pentaplast/Europe Board of Directors/Advisory Board Dr. Christian Holtmann Dr. Markus Hölzl Dr. Dieter Hesterwerth Michael F. Tubridy Stefan Brandt |
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Related Companies: |
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Sister companies Plants Argentina Klöckner Pentaplast de Argentina, S.A. Ruta Nacional No. 9, Km 783 5236 Villa Del Totoral - Córdoba Argentina +54.3524.471500/01 +54.3524.471502 fax argentina@kpfilms.com Brazil Klöckner Pentaplast do Brasil, Ltda. Rua dos Estudantes, s/n Rodovia Raposo Tavares Km 28,3 Bairro Moinho Velho – CEP 06707-050 Cotia – Săo Paulo – Brazil +55.11.4613.9999 +55.11.4613.9990 fax brazil@kpfilms.com Canada Klöckner Pentaplast of Canada, Inc. 8845 1er Croissant Ville D'Anjou, Quebec H1J 1C9 Canada +01.514.352.2200 +01.514.352.5200 fax canadaqc@kpfilms.com Germany Klöckner Pentaplast GmbH & Co. KG P.O. Box 11 65 56401 Montabaur Industriestrasse 3-5 56412 Heiligenroth Germany +49.2602.915.0 +49.2602.915.297 fax kpinfo@kpfilms.com Great Britain Klöckner Pentaplast Ltd. 33 Fern Close Pen-y-Fan Industrial Estate Crumlin, Gwent NP11 3EH Great Britain +44.1.495241.800 +44.1.495241.811 fax KPGB.Info@kpfilms.com Portugal Pentaplast S.A. Rua de S. Roque, 70 Água Longa 4825-116 Santo Tirso Portugal +351.229.699.890 +351.229.699.891 fax kpinfo@kpfilms.com Russia Klöckner Pentaplast Rus Irinovsky Prospect 1 195248 St. Petersburg Russia +7.812.44968-10 +7.812.44968-18 fax kpru.info@kpfilms.com Spain Klöckner Pentaplast Espańa S.A.U. Polígono Industrial Skol Ctra. Comarcal 35, PK 65 17451 Sant Feliu de Buixalleu Spain +34.972.871575 +34.972.871419 fax kpinfo@kpfilms.com Switzerland Klöckner Pentaplast Schweiz AG Sportweg 38 3097 Liebefeld-Bern Switzerland +41.31.9788.888 +41.31.9788.700 fax kpinfo@kpfilms.com Thailand Kloeckner Pentaplast (Thailand) Ltd. 64/48 Moo. 4 T. Pluakdaeng, A. Pluakdaeng Rayong 21140 Thailand +66.38.927400 +66.38.955462 fax kpasia.salessupport@kpfilms.com Intertrans Carrier Company P.O. Box 650 11499 Intertrans Lane Gordonsville, VA 22942 USA +01.540.832.7615 +01.540.832.7218 fax kpainfo@kpfilms.com USA Waytek Corporation 400 Shotwell Drive Franklin, OH 45005 USA +01.937.743.8040 +01.937.743.8041 fax kpainfo@kpfilms.com The parent company also has sales offices in Spain, Argentina, Egypt,
Asia, Australia, New Zeland, Canada, Caribbean, Central America, Germany,
among others. |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We tried to contact the company´s accounts payable manager several
times, but we were transferred to voicemail. We left a message but it has not
been answered yet. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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|
USD |
2011 |
|
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Turnover |
121,000,000 |
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The cash flow is |
NORMAL |
|
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Comments on the financial data: The parent company annual sales are over
EUR€ 1.1 million. |
|
Legal Fillings |
|
There is one UCC** files listed
with the Secretary of State of Delaware. Filing Number: 200800148726 Filing Date: 01-10-2008 Secured Party: BRUCKNER INC There are no legal filings listed with the District Court. THE COMPANY IS NOT LISTED ON THE OFAC LIST.* For information: * The Specially Designated Nationals (SDN) List is a publication of
OFAC which lists individuals and organizations with whom United States
citizens and permanent residents are prohibited from doing business. ** The Uniform Commercial Code (UCC) is one of a number of uniform
acts that have been promulgated in conjunction with efforts to harmonize the
law of sales and other commercial transactions in all 50 states within the
United States of America. The UCC deals primarily with transactions involving personal property (movable
property), not real property (immovable property). It allows a creditor to notify other creditors about a debtor’s assets
used as collateral for a secured transaction by filing a public notice
(financing statement) with a particular filing office. The Uniform Commercial Code Bureau files and maintains on financial
obligations (including IRS liens) incurred by individuals (in business as a
sole proprietor), business entities and corporations. |
Rating
|
|
|
Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
|
|
|
Klöckner Pentaplast of America, Inc., was founded in 1977 and established
in Gordonsville, Virginia, USA. The company operates as a subsidiary of Klöckner Pentaplast GmbH &
Co. KG. The company is one of the
largest manufactures of rigid plastic films and sheets for packaging and
printing in North America. The operative facilities of the company are well equipped and
prepared. There are no legal filings listed with the District Court. |
SUMMARY
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
N.A. |
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APPENDIX
|
|
|
Comments |
|
|
|
We tried to contact the company´s accounts payable manager several times,
but we were transferred to voicemail. We left a message but it has not been
answered yet. |
Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings from
CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that elected
officials remain wary of tackling the structural issues required to effectively
address the rising U.S. public debt burden in a manner consistent with a 'AAA'
rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public and
private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.