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ABB Ltd. Apr 05
Standard & Poors, April 2005
Abstract
Sound underlying profitability of ABB's core Automation Technologies and Power Technologies divisions; Management with strong commitment to, and successful track record of strategic decisions to restore the group's financial profile, in particular by means of the recent rights issue; and Ongoing restructuring program to improve cost structures. Still significantly leveraged financial structure; Remaining portfolio of underperforming noncore activities and still excessive overhead costs; and Ongoing appeals process to the positive asbestos court ruling. The ratings on Switzerland-based engineering services company ABB Ltd. reflect the group's improved, albeit still significantly leveraged, financial structure and sound liquidity position following the completion of its comprehensive capital-strengthening program. The ratings also reflect the progress achieved to date with the group's far-reaching restructuring and asset...
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: 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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