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BSH Bosch und Siemens Hausgeraete GmbH Aug 09
Standard & Poors, Aug 2009
Abstract
Joint European market leader in white goods Premium segment positioning continues to outperform markets Management's positive financial track record Strong implicit support from the owners, Robert Bosch GmbH and Siemens AG Exposure to mature and competitive markets Limited geographic 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 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...
Companies mentioned in this report are: BSH Bosch und Siemens Hausgeraete GmbH,Robert Bosch GmbH,Siemens AG,Siemens Financieringsmaatschappij N.V.,Siemens Financial Services GmbH
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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