Summary: BSH Bosch und Siemens Hausgeraete GmbH Jul 09

Standard & Poors, July 2009

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-/Negative/A-1+) and Siemens AG (A+/Stable/A-1). They also reflect the company'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, as the group focuses primarily on the European market. In 2008, BSH realized group sales of close to -8.8 billion ($12.3 billion) and EBITDA of -821.0 million, with total financial debt of -794.0 million. Despite slightly weaker group sales in 2008 compared with the previous year, BSH...

Companies mentioned in this report are: BSH Bosch und Siemens Hausgeraete GmbH
Action: Review

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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

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