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Acuity Brands Inc. Dec 10
Standard & Poors, Dec 2010
Abstract
Brand-name products, strong distribution, and solid barriers to entry; Sizable portion of sales coming from the more-stable retrofit and replacement markets; Low risk of product obsolescence or substitution; and Limited capital intensity. Cyclicality of the company's primary market, the U.S. nonresidential construction sector; Exposure to pricing pressures and raw material cost fluctuations; and Lack of geographic diversity. Standard and Poor's Ratings Services' ratings on Atlanta-based Acuity Brands Inc. (Acuity) reflect our expectation that the company will continue to maintain its conservative financial policies, so it can withstand further declines in the construction markets. The company's credit metrics are slightly better than our expectations for the rating, providing some room for any deterioration in operating performance, as nonresidential construction continues to...
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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