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Acuity Brands Inc. May 03
Standard & Poors, May 2003
Abstract
Brand-name products, strong distribution, and solid barriers to entry; Sizable portion of sales comes from the more stable retrofit, replacement, and consumables markets; Low risk of product obsolescence or substitution; and Limited capital intensity. Moderate cyclicality, pricing pressures; Lack of geographic diversification; and Stretched balance sheet, sub par cash flow protection. The ratings reflect Atlanta, Ga.-based Acuity Brands Inc.'s solid business positions, and temporarily sub-par financial profile. A leading domestic maker of lighting fixtures and specialty chemicals, the company has branded name products, and serves a diverse market and customer base. A sizable portion of sales goes to the replacement and retrofits markets, and some products are consumed in use. These characteristics should enable the company to somewhat limit cyclical...
Companies mentioned in this report are: Acuity Brands Inc.
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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