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ABB Group Ratings Placed On CreditWatch Positive On Bond Conversion Offer And Performance Apr 06
Standard & Poors, April 2006
Abstract
STOCKHOLM (Standard & Poor's) April 27, 2006--Standard & Poor's Ratings Services said today it placed all of its ratings on Switzerland-based engineering services group ABB Ltd. and related entities on CreditWatch with positive implications, including the 'BBB-/A-3' corporate credit rating on ABB Ltd. and the 'K-3' Nordic CP rating on ABB Financial Services AB. 'The CreditWatch placement reflects the continued strong group performance, and the potential for a significant near-term improvement of the capital structure and debt protection measures should ABB's offer to convert its $968 million 2007 convertible bond to equity be widely accepted,' said Standard & Poor's credit analyst Andreas Zsiga. The convertible bond accounts for about 23% of ABB's reported debt of $4.13 billion at March 31,...
Companies mentioned in this report are: ABB Ltd.,ABB Capital B.V.,ABB Asea Brown Boveri Ltd.,ABB Treasury Center (USA) Inc.,ABB Finance Inc.,ABB International Finance Ltd.,ABB Holdings Inc.,ABB Financial Services AB
Action: On CreditWatch:Positive
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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