Ericsson (Telefonaktiebolaget L.M.) Jul 10

Standard & Poors, July 2010

Abstract
World-leading market share, efficiency, and margins in mobile networks. Solid position and margins in the growing services segment. Robust cash flow generation from the core business. Strong balance sheet. Weak margins or losses in handsets and semiconductors joint ventures. Very strong competitive pressures. Currently weak global demand for telecommunications equipment. The ratings on Swedish telecommunications equipment supplier Ericsson (Telefonaktiebolaget L.M.) reflect Standard & Poor's Ratings Services' view of Ericsson's strong position in mobile network technologies, industry-leading operating margins, wide geographic reach, strong liquidity, and moderate gross leverage. These positions are supported by Ericsson's strong technology development track record, backed by the industry's largest research and development (R&D) budget and its focus on technologies offering large-scale deployment opportunities. In addition, Standard...

Companies mentioned in this report are: Ericsson (Telefonaktiebolaget L.M.),Ericsson Treasury 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

Ericsson (Telefonaktiebolaget L.M.),Ericsson Treasury Services AB

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