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ABB Ltd. Jun 08
Standard & Poors, June 2008
Abstract
Sound underlying profitability and good market outlook for core Automation Technologies and Power Technologies divisions Strong market positions in two low-risk capital goods markets Well-diversified sales in terms of geographical spread and customer distribution Exposure to market cyclicality and competitive pressure in all key business segments Weak performance in robotics operations due to soft market conditions and changing demand patterns Increased focus on acquisitions The ratings on ABB reflect the group's strong business risk profile, leading global positions, strong technology base, and good earnings diversification in its core businesses of power transmission and distribution, and automation. They also reflect the group's modest financial risk profile, including recently strong debt protection measures and sound free operating cash flow generation and liquidity...
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.
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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