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Acuity Brands Inc. Jul 04
Standard & Poors, July 2004
Abstract
Brand-name products, strong distribution, and solid barriers to entry; Sizable portion of sales coming from the more stable retrofit, replacement, and consumables markets; Low risk of product obsolescence or substitution; and Limited capital intensity. Moderate cyclicality and pricing pressures; Lack of geographic diversification; and Stretched balance sheet and subpar cash flow protection. The ratings on Acuity Brands Inc. reflect the Atlanta, Ga.-based company's solid business positions and a subpar financial profile that is expected to strengthen as the company continues to pay down debt. Acuity Brands, a holding company, is the largest leading domestic maker of lighting fixtures and a leading producer of specialty chemicals. The company has branded name products and serves a diverse market and customer base. A...
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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