Risk-to-Price Commentary: AstraZeneca PLC Feb 11
Standard & Poors, February 2011
Abstract
So far 82 companies from the S&P Europe 350 Index have reported their calendar fourth-quarter results, and their aggregated earnings have come in 3% higher than analysts expected. As a sector, health care has posted the largest positive surprise, of 19% over the consensus forecast. The Valuation and Risk Strategies research team decided to explore whether European health care corporate bonds also deliver attractive investment opportunities. We searched our Risk-to-Price (R2P) database for callable and noncallable health care issues with initial offering amounts of at least 50 million in the issuing currency. R2P analytics measure on a relative basis how well a given security compensates investors, through yield, for underlying market and credit risks. The first quartile contains the highest-scoring...
Companies mentioned in this report are:
- Bristol-Myers Squibb Co.
- Pfizer Inc.
- Millipore Corp.
- Bayer AG
- GlaxoSmithKline Capital PLC
- AstraZeneca PLC
- Sanofi
- Bayer Capital Corp. B.V.
- Merck Finanz AG
- Roche Finance Europe B.V.
- Merck Financial Services GmbH
- FMC Finance VI S.A.
- Cegedim S.A.
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.
- Bristol-Myers Squibb Co.
- Pfizer Inc.
- Millipore Corp.
- Bayer AG
- GlaxoSmithKline Capital PLC
- AstraZeneca PLC
- Sanofi
- Bayer Capital Corp. B.V.
- Merck Finanz AG
- Roche Finance Europe B.V.
- Merck Financial Services GmbH
- FMC Finance VI S.A.
- Cegedim S.A.
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