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Standard & Poors, December 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Strong business positions in steel, elevators, and automotives; Broad business and geographical diversity; Good depth of knowledge and competencies by management; and Good track record since the end of fiscal 2000 with respect to financial debt reduction. Significant debt levels (unfunded pension liabilities are treated as debt-like in character); Operates in challenging and competitive industries; Similar cyclicality between business segments, which limits the positive effects of diversity; Modest profitability and return on capital employed (ROCE); and The need to further improve operating efficiency and streamline business portfolio. The ratings on German industrial conglomerate ThyssenKrupp AG continue to reflect the group's aggressive financial profile given the debt-like character of its unfunded pension obligations and its average business risk profile. The group's...
Companies mentioned in this report are: ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.
ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.