Industry Economic And Ratings Outlook: U.S. Capital Goods Ratings Are Under Pressure From A Negative Industry Outlook Apr 09
Standard & Poors, April 2009
Abstract
Standard & Poor's Ratings Services' base case 2009 outlook for the U.S. capital goods industry is negative, based on the following fundamentals: The deep recession in the U.S. and Europe; Slowing growth in large emerging markets, which will no longer fully offset weakness in developed markets; and Weakness in global credit, equity, commodity, and energy markets. A growing number of U.S. capital goods companies we rate have negative rating outlooks or have recently been downgraded. This reflects the industry economic outlook, which has deteriorated. The number of companies that nevertheless have stable outlooks (67) reflects the fact that ratings are forward-looking and already incorporate our negative industry view. Many investment-grade capital goods companies, regardless of their outlook, entered the downturn...
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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.
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