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ABB Asea Brown Boveri Ratings Cut, Off Watch, Outlook Negative; Teleconference 3PM GMT Today Feb 02
Standard & Poors, Feb 2002
Abstract
FRANKFURT (Standard & Poor's) Feb. 7, 2002--Standard & Poor's today lowered its ratings on Switzerland-based engineering services group ABB Asea Brown Boveri Ltd. (ABB) and related entities (including insurance and reinsurance entities Sirius International Insurance Corp. {Sirius} and Scandinavian Reinsurance Co. Ltd. {Scandinavian Re}), including its corporate credit ratings on ABB, which were lowered to single-'A'-plus/'A-1' from double-'A'-minus/'A-1+'. At the same time, the ratings were removed from CreditWatch, where they were placed on Dec. 4, 2001. The outlook is negative. (See list below for all ratings affected.) Standard & Poor's will hold a teleconference today, Thursday, Feb. 7, 2002, at 3:00 p.m. GMT (4:00 p.m. CET; 10.00 a.m. EST) to discuss the rating actions on ABB. See section 'Teleconference Instructions'...
Companies mentioned in this report are: ABB Asea Brown Boveri Ltd.,ABB Capital B.V.,ABB Treasury Center (USA) Inc.,ABB Finance Inc.,Scandinavian Reinsurance Co. Ltd.,ABB International Finance Ltd.,Sirius International Insurance Corp.,ABB Holdings Inc.,ABB Ltd.
Action: Downgraded, Off CreditWatch
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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