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Industry Report Card: North American and European High Technology Apr 03
Standard & Poors, April 2003
Abstract
The technology industry still has not recovered from the spending slowdown, which began in the first quarter of 2001. The sectors particularly hard hit include semiconductors, telecommunications equipment, and contract manufacturing. Although it appears that many sectors are currently near the bottom of their cycle, the recovery is likely to be moderate in pace and not much in evidence until the end of 2003 at the earliest. Standard & Poor's Ratings Services expects 2003 to be another year of flat-to-slightly-positive industry growth. Still, some sectors such as Linux-based servers and business process outsourcing should experience above-average growth. Despite weak current conditions, longer-term growth prospects in most sectors of the technology industry remain attractive, given the increasing electronic content of most...
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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