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BSH Bosch und Siemens Hausgeraete GmbH Jul 04
Standard & Poors, July 2004
Abstract
Joint European market leader in white goods; Focus on strong innovative brands; Premium segment positioning outperforming markets; Positive financial track record of management; and Strong implicit support from both parents, Bosch (Robert) GmbH and Siemens AG (both rated AA-/Stable/A-1+). Mature and competitive markets; Adverse annual pricing pressure; Limited geographical diversity; and Limited free cash flow generation. The ratings on Germany-based household appliances manufacturer BSH Bosch und Siemens Hausgeraete GmbH (BSH) reflect BSH's strong explicit parental support from equal shareholders Bosch (Robert) GmbH and Siemens AG, the company's European market leadership by value in the European white goods industry, the premium positioning of its brands, as well as its conservative financial profile and management's positive financial track record. The ratings are...
Companies mentioned in this report are: BSH Bosch und Siemens Hausgeraete 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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