Euler Hermes Rating reconfirms Grammer's investment-grade rating

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Euler Hermes Rating GmbH has confirmed its rating for Grammer AG in its latest report, affirming its investment-grade BBB rating for the company. In its rating rationale, Euler Hermes refers to the reasonable stability of the Grammer Group’s strategy, management and customer relations and therefore expects a stable development over the coming 12 months.

Despite the persistently challenging market environment in 2016, Grammer was able to exceed the previous year’s figures and additionally improve its operative profitability. Consequently, Euler Hermes sees a moderate to low financial risk for Grammer AG. It also commends the reduction in Grammer’s financial liabilities and the improvement in its cash position. Grammer has good financial flexibility and, with the reconfirmation of its positive rating, has access to inexpensive funding in the international capital market.

Shareholder structure more stable

According to Euler Hermes, the current shareholder structure safeguards the stability of Grammer’s corporate governance, management, strategy and customer relations. With a stake of over 20 percent, JAP Capital Holding GmbH became Grammer AG’s largest shareholder in July of this year, thus acting as a strong counterweight to the two investment entities Halog and Cascade, which likewise hold a joint share of around 20 percent. “The award of another positive rating by Euler Hermes Rating offers gratifying confirmation of our strategy and our efforts to additionally boost the appeal of our company in the capital market. The rating shows that Grammer is perceived as a stable and financially sound company,” said Hartmut Müller, Chief Executive Officer of Grammer AG.

Positive strategic orientation and improved market position

In their rating report, the analysts at Euler Hermes assume that as an automotive component supplier Grammer will continue to benefit from the moderate medium to long-term global growth in passenger and commercial vehicles. A further point in Grammer’s favor is its clear strategic focus on interior components for the premium automotive segment and its diversification across various products, customers and regions. In addition, its market position has systematically improved with the expansion of its worldwide production and development structures as well as the increase in its customer base and order books.
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