Outlook On U.S. Capital Goods Sector Moderating But Still Favorable Apr 07
Standard & Poors, April 2007
Abstract
A housing-led slowdown in the U.S. economy is resulting in a more cautious outlook for 2007, but residential construction deterioration has had a limited effect to date on the operating performance and credit quality of capital goods companies rated by Standard & Poor's Ratings Services. The sharp declines in new housing starts and debt-financed remodeling of existing homes will likely continue to exert some downward pressure on the performance of certain companies. Examples of affected segments include construction equipment ( Caterpillar Inc., Deere & Co., CNH Global N.V., and Ingersoll-Rand Co.'s Bobcat business), lighting and wiring ( Hubbell Inc., Cooper Industries Ltd.) and construction materials ( Illinois Tool Works Inc.). In many cases, however, a high degree of business-level diversity...
Companies mentioned in this report are:
- Caterpillar Inc.
- Cummins Inc.
- Deere & Co.
- Eaton Corp.
- Ingersoll-Rand Co.
- Illinois Tool Works Inc.
- Amsted Industries Inc.
- Park-Ohio Industries Inc.
- J.B. Poindexter & Co. Inc.
- Hubbell Inc.
- Foster Wheeler AG
- Neenah Foundry Co.
- CNH Global N.V.
- FastenTech Inc.
- Cooper Industries Ltd.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Caterpillar Inc.
- Cummins Inc.
- Deere & Co.
- Eaton Corp.
- Ingersoll-Rand Co.
- Illinois Tool Works Inc.
- Amsted Industries Inc.
- Park-Ohio Industries Inc.
- J.B. Poindexter & Co. Inc.
- Hubbell Inc.
- Foster Wheeler AG
- Neenah Foundry Co.
- CNH Global N.V.
- FastenTech Inc.
- Cooper Industries Ltd.
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