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Industry Report Card: U.S. Hi-Tech Jun 02
Standard & Poors, June 2002
Abstract
The semiconductor sector continues to report weak sales and earnings, especially in communications-focused areas. As examples, positive signs have been reported by Fairchild Semiconductor International Inc. and National Semiconductor Corp. However, there are still concerns that the positive industry signals we have seen represent only replenishment orders of commodity components, so we remain cautious about the pace of recovery. In even the most optimistic scenarios, industry revenues are unlikely to reach the year 2000 peak level until 2004. With ample supply and still-weak demand, pricing is likely to remain depressed over the intermediate term. The communications equipment market has been hit by depressed demand for cellular phones and long-haul fiber-optic links. Capacity in both those sectors had expanded aggressively in...
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.
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