Industry Credit Outlook: U.S. Capital Goods Sector Continues To See Soft, But Still Positive, Improvement In 2010 Dec 10
Standard & Poors, December 2010
Abstract
Credit quality in the U.S capital goods sector continued to improve throughout 2010, and Standard & Poor's Ratings Services' outlook for the sector reflect our expectation for overall rating stability heading into 2011. We believe that the demand environment for industrial and manufacturing activity remains, on balance, relatively supportive to further improvement in operating performance next year, though at slower pace than during 2010. Against this background, financial policies may well represent the biggest downside risk to credit quality. Acquisitions, share repurchases, and leveraged recapitalization announcements have become more prevalent in the capital goods sector, as in other corporate sectors, during the third quarter. We expect this trend could accelerate next year as financial policies take a gradually more-aggressive turn...
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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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