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BSH Bosch und Siemens Hausgeraete GmbH Jul 07
Standard & Poors, July 2007
Abstract
Joint European market leader in white goods Focus on strong innovative brands Premium segment positioning outperforming markets Positive financial track record of management Strong implicit support from both parents, Bosch (Robert) GmbH and Siemens AG Mature and competitive markets Adverse annual pricing pressure Limited geographical diversity 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 Bosch (Robert) GmbH (AA-/Stable/A-1+) and Siemens AG (AA-/Negative/A-1+); the company's European 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 level of geographical diversification, as...
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.
Research Type: Full Analysis
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