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CORRECTION: Industry Report Card: Global Hi-Tech Dec 02
Standard & Poors, Dec 2002
Abstract
(Editor's note: The following article, published on Dec. 16, 2002, contained an error in the Comment for Thomson Multimedia S.A. as to the amount of free operating cash flow. The Comment for Cap Gemini S.A. should have referred to the EBITA margin. The corrected version follows.) Industry conditions since 2001 are among the worst in recent memory for the technology industry, particularly in the semiconductor, telecommunications equipment, contract manufacturing, and Internet services sectors. The impact of this environment on credit quality in the sector has been equally severe. In 2002, global ratings downgrades were eight times greater than upgrades. The technology industry also experienced four defaults in the period. It appears that many sectors are currently near the bottom of...
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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