Industry Economic And Ratings Outlook: U.S. Capital Goods Credit Quality Should Continue To Hold Despite Pockets Of Lingering Weakness Jun 11

Standard & Poors, June 2011

Abstract
Despite continuing weakness in nonresidential construction, the outlook for credit quality in the U.S. capital goods sector remains stable, as the global economy continues its slow recovery. The sector's operating performance will likely improve further this year, in Standard & Poor's Ratings Services' opinion, although at a slower pace than it did during 2010. Standard & Poor's base-case 2011 and 2012 outlook for the U.S. capital goods sector is neutral to positive, based on the following fundamentals: The gradual economic recovery in the U.S.; Sustained growth in equipment investment; and A continued decline in commercial construction, although at a much slower rate than in 2010. At the end of first-quarter 2011, about 80% of our U.S. capital goods ratings had...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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