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ThyssenKrupp AG

  • ID: 1711174
  • March 2008
  • 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

Abstract
Strong market positions, notably in steel Moderate diversification of businesses by industry and geography Healthy cash flow generation Generally supportive steel market conditions Strategically focused on growth Significant pension liabilities Growth strategy expected to lead to moderately higher debt Steel operations lack own source of raw materials, exposed to much higher costs Weakening economic outlook in steel and capital goods sectors The ratings on Germany-based industrial conglomerate ThyssenKrupp AG (TK) reflect its strong market positions, diverse portfolio, healthy cash flow generation, and strategic focus on growth. The ratings remain constrained, however, by high pension liabilities; quite low profit margins in some segments, but improving overall; sharply rising raw material costs; the capital-intensive nature of the steel and capital goods sectors;...

Companies mentioned in this report are: ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.,ThyssenKrupp Finance USA Inc.
Action: Review

ThyssenKrupp AG,ThyssenKrupp Finance Nederland B.V.,ThyssenKrupp Finance USA Inc.

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