DGAP-News: Hörmann Industries GmbH / Key word(s): Rating/Bond
HÖRMANN Industries GmbH: Euler Hermes confirms BB corporate rating with stable outlook
Kirchseeon, 5 November 2020 - In its current rating report, Euler Hermes Rating GmbH confirms its assessment of the creditworthiness and future viability of HÖRMANN Industries GmbH (corporate bond, WKN: A2TSCH) with a rating of "BB". A stable development is expected for the next twelve months. In its rating report, Euler Hermes Rating emphasises the sustainable growth potential in the profitable Communications and Engineering divisions as well as the secure medium-term financing basis combined with the group's good financial flexibility. Last year, the group already secured sustainable corporate financing with the successful placement of a € 50.0 million five-year bond and the extension of a five-year revolving syndicated loan with a two-year extension option and an increased volume of € 40.0 million. In addition, at the end of July 2020 HÖRMANN received a commitment for a KfW "Unternehmerkredit" (corporate loan) of € 40.0 million, as part of the package of measures taken by the Federal Government to cushion the economic consequences of the Corona pandemic, which was applied for as a precautionary measure. With the help of these components, HÖRMANN Group has a reliable basis for financial planning to meet its long-term responsibility towards its employees and all other stakeholders.
The summary of the Euler Hermes rating report is available on the website of the rating agency at https://www.ehrg.de/en/.
On 16 November 2020, HÖRMANN Industries GmbH will publish its consolidated interim report for the period from 1 January to 30 September 2020 at https://www.hoermann-gruppe.de/en/investor-relations/financial-publications/financial-publications.
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05.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.