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Bridgestone Corp. Oct 11
Standard & Poors, Oct 2011
Abstract
Strong product competitiveness, focused on high-performance segments Established geographic diversity Dominant market position in Japan and broad range of customers Relatively sound financial profile compared with other major tire manufacturers Difficult industry fundamentals, including intense competition in emerging markets and a gradual recovery in global automobile markets Volatile raw material costs and foreign exchange rates exerting downward pressure on profit margins Historically unstable free operating cash flow, given high capital expenditures to maintain market position Bridgestone Corp. (BBB+/Stable/A-2), one of the world's three largest tire manufacturers, along with Compagnie Generale des Etablissements Michelin S.C.A. (Michelin; BBB/Stable/A-2), and The Goodyear Tire & Rubber Co. (Goodyear; BB-/Stable/--), has consistently maintained highly competitive products, a geographically diversified business, and a broad customer base....
Companies mentioned in this report are: Bridgestone Corp.
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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