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BSH Bosch und Siemens Hausgeraete GmbH Dec 10
Standard & Poors, Dec 2010
Abstract
Joint European market leader in white goods. Premium segment positioning, helping the group outperform markets. Track record in sustainable and profitable growth, as well as management's focus on free cash flow generation. Strong implicit support from the owners, Robert Bosch GmbH and Siemens AG. Exposure to mature and competitive European markets. Limited geographic diversity, with relatively high concentration on Germany. 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-/Stable/A-1+) and Siemens AG (A+/Stable/A-1). They also reflect Standard & Poor's Ratings Services' view of the group's market leadership by value in the European white goods industry, the premium positioning of its...
Companies mentioned in this report are: BSH Bosch und Siemens Hausgeraete GmbH,Robert Bosch GmbH,Siemens AG,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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