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| PERI's rating increased  International rating agency Moody's has upgraded the family-run company PERI in Weissenhorn (Germany) which is the worldleading manufacturer of formwork and scaffolding for the construction industry to investment grade. In doing so, they are recognizing the financial development of PERI, which during the years of the worldwide economic crisis has demonstrated great stability and, on the contrary, has greatly improved its positive market developments in this period.On 8th September 2011 Moody´s increased the rating of the PERI Group from Ba1 positive outlook to Baa3 stable outlook. Therewith, PERI has also achieved admittance to the so-called investment grade bracket from Moody's. Only assets that are judged as being sufficiently stable receive this investment grade, and they may, therefore, be bought by risk-shy investors, such as pension funds and insurance companies. PERI has already had this classification from the secondlargest international rating agency, Standard & Poor´s since 2007. At this time, the company is again on a course of growth: the turnover from the first half of the year 2011 was 21 % higher than that of the previous year. A significant contribution is currently being made by contracts for large projects, such as the new lock on the Panama Canal. In addition to South America, Eastern Europe has also demonstrated clear growth this year, while the situation of the company in Western Europe has also stabilized. The turnover in the twelve months from July 201 until June 2011 reached approximately 900 million euros, from which PERI generated around 10 % in Germany and the rest in a total of 53 other subsidiaries abroad. The new classification is especially positive to observe against the current backdrop of insecurity on the financial markets and shows that Moody´s has confidence in the company, even while difficult economic conditions exist which perpetuate financial stability with lower levels of debt. At the end of the year, loans in excess of 250 million euros that were issued in 2004 will have been repaid. Financing has now already been secured. write your comments about the article :: © 2011 Construction News :: home page |