Summary: BSH Bosch und Siemens Hausgeraete GmbH Dec 10

Standard & Poors, December 2010

Abstract
The ratings on Germany-based household appliances manufacturer BSH Bosch und Siemens Hausgeraete GmbH (BSH) are underpinned by strong implicit parental support from BSH's equal shareholders Robert Bosch GmbH (AA-/Stable/A-1+) and Siemens AG (A+/Stable/A-1). They also reflect Standard & Poor's Ratings Services' view of the group's market leadership by value in the European white goods industry, the premium positioning of its brands, its conservative financial profile, and management's positive financial track record. The ratings are constrained by BSH's low geographic diversification and its primary focus on the European market. In 2009, BSH realized group sales of close to -8.4 billion and EBITDA of -891.0 million, with total financial debt of -630.0 million. BSH reported stable and growing operating margins in 2007-2009,...

Companies mentioned in this report are: BSH Bosch und Siemens Hausgeraete GmbH,Robert Bosch GmbH,Siemens AG
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

BSH Bosch und Siemens Hausgeraete GmbH,Robert Bosch GmbH,Siemens AG

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