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Credit Quality Dips as Economic Pressures Mount in European Capital Goods May 01 Product Image

Credit Quality Dips as Economic Pressures Mount in European Capital Goods May 01

  • Published: May 2001
  • Region: Europe
  • Standard & Poors

Abstract
Rated companies in the European capital goods sector range from very large and diversified multinationals like Siemens AG (AA/Negative/A-1+), a diversified global conglomerate with annual revenues of $70 billion, to smaller specialized companies such as Leica Geosystems Holdings AG (BB/Stable/--), which manufactures high-precision surveying and optical measurement instruments. Standard & Poor's maintains long-term corporate credit ratings on 22 publicly listed companies in this sector and, with only six exceptions, these credits fall into the investment-grade category (see chart). The generally high ratings level reflects leading global market positions in the companies' respective markets, broad geographic spread outside their domestic and European home markets, and conservative-to-moderate financial profiles. High-yield issuance has been limited so far, but Standard & Poor's expects more...

Companies mentioned in this report are: Siemens AG,TI Group PLC,Legrand France,Schneider Electric S.A.,Leica Geosystems Holdings AG,Invensys PLC,Metso Corp.,Rexel Distribution S.A.,GKN Holdings PLC,Smiths Group PLC,Weigh-Tronix LLC,Cammell Laird Holdings PLC,Alfa Laval READ MORE >

Siemens AG,TI Group PLC,Legrand France,Schneider Electric S.A.,Leica Geosystems Holdings AG,Invensys PLC,Metso Corp.,Rexel Distribution S.A.,GKN Holdings PLC,Smiths Group PLC,Weigh-Tronix LLC,Cammell Laird Holdings PLC,Alfa Laval AB

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