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Summary: BSH Bosch und Siemens Hausgeraete GmbH Jul 09
Standard & Poors, July 2009
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
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