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Summary: Alstom S.A. Jun 11
Standard & Poors, June 2011
Abstract
The ratings on France-based power- and transportation-equipment provider Alstom S.A. reflect Standard & Poor's Ratings Services' view of its satisfactory business risk profile and intermediate financial risk profile. Supportive business risk factors include Alstom's competitive market positions, sound long-term business prospects, and substantial order backlog representing over two years of sales. However, we consider that these positives are partly offset by fairly high operating risk in the engineering of large projects, cyclicality of Alstom's businesses, recently weakening profitability, and its continuing restructuring of operations to increase geographic diversity. Alstom's financial risk profile is characterized by good cash flow generation and liquidity, tempered by higher leverage following two years of low order intake and the debt-financed acquisition of Areva's electricity transmission...
Companies mentioned in this report are: Alstom S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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