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Assa Abloy AB May 11
Standard & Poors, May 2011
Abstract
Leading position in the moderately cyclical lock market. Strong free cash flow generation as a result of low capital intensiveness. Revenue diversification by geography and customer base. Ability to expand into high-value-added market segments. Exposure to a degree of demand volatility in the general construction cycle. Fairly high debt and relatively modest debt-protection measures for the rating category. Increasing competition in some growth markets. The ratings on Sweden-based lock manufacturer Assa Abloy AB reflect our view of the group's strong position in the moderately cyclical lock and door markets, its well-diversified customer base in both mature and growth markets, and its innovative product portfolio--all of which support Assa Abloy's strong and stable operating performance and cash flow generation. Standard &...
Companies mentioned in this report are: Assa Abloy AB,Assa Abloy Financial Services AB
Action: Review
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: Full Analysis
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