- Published: May 2012
- Region: Germany
- Published: March 2005
- Standard & Poors
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 levels of unfunded pension liabilities, which are treated as debt-like by Standard & Poor's; Operates in challenging and competitive industries; Similar cyclicality between business segments, which limits the positive effects of diversity; Modest, although improving, profitability and return on capital employed (ROCE); and The need to further improve operating efficiency and streamline the business portfolio. The ratings on German industrial conglomerate ThyssenKrupp AG reflect its average business profile and moderate financial profile. In February 2005, ThyssenKrupp completed the disposal of a large...
Companies mentioned in this report are: ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.
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ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.