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BULLETIN: ABB Ltd. Announces Sale of its Swedish Export Credit Corporation Stake Jun 03
Standard & Poors, June 2003
Abstract
FRANKFURT (Standard & Poor's) June 4, 2003--Standard & Poor's Ratings Services said today that its ratings on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) are unaffected by the company's announcement that it has agreed to sell its stake in Swedish Export Credit Corp. (SECC; AA+/Negative/A-1+)) to the Swedish state for a total cash consideration of about $160 million. The proceeds from the transaction are expected to be received by the end of June 2003 in the form of dividends from SECC. The transaction is subject to approval by the Swedish parliament and the successful refinancing of the deal by SECC in the capital markets. The sale of the stake in SECC is part of ABB's ongoing divestment program, from which the...
Companies mentioned in this report are: ABB Ltd.,Swedish Export Credit Corp.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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