The B+ issuer credit rating is mainly driven by Trans-Sped’s operations in the transportation and logistics sector which we assess as highly cyclical and highly competitive with low barriers to entry, low profit margins and a highly fragmented landscape. Due to the asset intense operations, Trans-Sped is subject of rather low capital returns and slightly increased leverage ratios. Nevertheless we value Trans-Sped’s track-record of positive, yet rather weak, earnings and the overall adequate capital structure. The rating outlook remains stable.
The B+ issuance rating for Trans-Sped’s 2020/30 senior unsecured bonds with a total nominal value of HUF 5.0bn is derived from Trans-Sped’s current issuer credit rating (B+), the bond’s structural ranking, reasonable creditor rights and adequate recovery expectations in a hypothetical bond default scenario.
Trans-Sped Kft. is a family-owned and family-managed group of companies engaged in the Transport & Logistics sector since 1990. Based in Debrecen, Trans-Sped is among the top Hungarian players offering a wide range of services ranging from transportation and freight-forwarding to modern warehousing and production logistic activities with value add services like (re)packaging, storing, labelling, assembling, quality control, returned goods handling, export/import customs administration etc. The group operates c. 185.000 m² of indoor warehouse capacity with c. 200 forklift trucks and cranes, a heavy duty vehicle fleet of 480 (thereof c. 250 subcontracted) and currently 16 regional centres across Hungary. Furthermore the group engages in technical maintenance tasks, warehouse construction projects and industrial park operations at its own 28 hectare industrial park site. At the end of 2020, the company reported consolidated revenues of HUF 21,210 million and a workforce of 717.
Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European rating agency focusing on issuer and issuance ratings. Scope Hamburg GmbH is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Scope Hamburg GmbH is a subsidiary of Scope Group, the leading European provider of independent credit ratings, ESG analyses and fund analyses.
Further information on this rating, corresponding reports and applied methodologies can be found at scopehamburg.com
Trans-Sped Kft. (Issuer Rating)
Trans-Sped Kft. (Issuance Rating – Bond 2020/30)
Press/Scope Hamburg GmbH:
Stefan Krasz – firstname.lastname@example.org
Tel.: 040 60 77 81 2 – 00
Fax: 040 60 77 81 2 – 49
© 2021 Scope Hamburg GmbH and/or its licensors and affiliates. All rights reserved.
CREDIT RATINGS ISSUED BY SCOPE HAMBURG GMBH ARE SCOPE HAMBURG GMBH’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND SCOPE HAMBURG GMBH’S PUBLICATIONS MAY INCLUDE SCOPE HAMBURG GMBH’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. SCOPE HAMBURG GMBH DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND, IN THE CASE OF ISSUANCE-LEVEL CREDIT RATINGS, ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND SCOPE HAMBURG GMBH’S OPINIONS INCLUDED IN SCOPE HAMBURG GMBH’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND SCOPE HAMBURG GMBH’S PUBLICATIONS ARE NEITHER A PROSPECTUS NOR A SUBSTITUTE FOR INFORMATION ASSEMBLED AND PRESENTED BY COMPANIES OR ISSUERS FOR INVESTORS REGARDING THE PURCHASE OF A SECURITY OR FOR ASSESSING THE CREDITWORTHINESS OF A RATED ENTITY. CREDIT RATINGS AND SCOPE HAMBURG GMBH’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR SCOPE HAMBURG GMBH’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. SCOPE HAMBURG GMBH ISSUES ITS CREDIT RATINGS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, CONDUCT ITS OWN INDEPENDENT ANALYSES, CREDIT ASSESSMENTS AND OTHER VERIFICATIONS AND EVALUATIONS OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
SCOPE HAMBURG GMBH’S CREDIT RATINGS AND SCOPE HAMBURG GMBH’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE SCOPE HAMBURG GMBH’S CREDIT RATINGS OR SCOPE HAMBURG GMBH’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT SCOPE HAMBURG GMBH’S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by Scope Hamburg GmbH from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. Scope Hamburg GmbH adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Scope Hamburg GmbH considers to be reliable including, when appropriate, independent third-party sources. However, Scope Hamburg GmbH is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Scope Hamburg GmbH publications.
Please note that summaries of contracts, laws and other documents contained in any Scope Hamburg GmbH publication, rating report or other materials cannot replace careful study of the relevant complete texts.
Scope Hamburg GmbH and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if Scope Hamburg GmbH or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by Scope Hamburg GmbH. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded or limited (as applicable) under applicable law.
Scope Hamburg GmbH and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, on the part of, or any contingency within or beyond the control of, Scope Hamburg GmbH or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded or limited (as applicable) under applicable law.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY SCOPE HAMBURG GMBH IN ANY FORM OR MANNER WHATSOEVER.
The dissemination and use of a Scope Hamburg GmbH rating report may be prohibited by law in certain jurisdictions. Any persons who come into the possession of such information should inquire about and comply with any prohibitions that may be in place. Scope Hamburg GmbH assumes no liability of any kind with respect to such dissemination and use of any rating in any jurisdiction whatsoever.
Scope Hamburg GmbH