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Germany-Based ThyssenKrupp Ratings Lowered To 'BB+/B' On Heavy Losses, Weak Prospects; Outlook Stable
Standard & Poors, November 2009
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
We anticipate that ThyssenKrupp will show weak credit metrics for the next two years. This view reflects the sharp downturn in steel and other industrial sectors, coupled with ThyssenKrupp's high capital expenditures. We are lowering our long- and short-term ratings on ThyssenKrupp to 'BB+/B' from 'BBB-/A-3'. The stable outlook reflects our opinion that ThyssenKrupp's financial risk profile will stabilize. LONDON (Standard & Poor's) Nov. 17, 2009--Standard & Poor's Ratings Services said today that it lowered its long- and short-term corporate credit ratings on Germany-based industrial conglomerate ThyssenKrupp AG to 'BB+/B' from 'BBB-/A-3'. At the same time, both the long- and short-term ratings were removed from CreditWatch, where they had been placed with negative implications on March 20, 2009, and on...
Companies mentioned in this report are: ThyssenKrupp AG
Action: Outlook: Stable
Action: Removed From CreditWatch