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Summary: Alstom S.A. Nov 11
Standard & Poors, Nov 2011
Abstract
The ratings on France-based power- and transportation-equipment provider Alstom S.A. reflect Standard & Poor's Ratings Services' view of its satisfactory business risk profile and intermediate financial risk profile. Supportive business risk factors include Alstom's competitive market positions, sound long-term business prospects, and substantial order backlog that represents more than two years of sales. These positive factors are partly offset by Alstom's fairly high operating risk in the engineering of large projects, the cyclicality of its businesses, its recently weakening profitability, and the continuing restructuring of its operations to increase geographic diversity. Alstom's financial risk profile is characterized by good cash flow generation and liquidity, which is tempered by higher debt following a period of low-order intake, the debt-financed acquisition of...
Companies mentioned in this report are: Alstom S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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