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Alstom S.A. Jun 11
Standard & Poors, June 2011
Abstract
Strong global market positions in core businesses. Focus on industries with high barriers to entry and good growth prospects. Strong liquidity. Exposure to competitive industries with periodically poor profitability and persistent need to restructure operations. Reliance on advance payments. Recent weakening of debt protection measures following two years of relatively difficult market conditions and a significant acquisition. 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...
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.
Research Type: Full Analysis
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