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BULLETIN: AB Electrolux Ratings Unaffected by Acquisition of Diamant Boart May 02
Standard & Poors, May 2002
Abstract
Standard & Poor's said today that the announced acquisition of Brussels-based Diamant Boart International S.A. by Sweden-based appliance company AB Electrolux (BBB+/Positive/A-2) will have no effect on the ratings or outlook on Electrolux. Electrolux's financial position will remain strong after the transaction. The purchase price is Swedish krona (Skr) 1.7 billion ($166 million) on a debt-free basis--that is, including repayment of Diamant Boart's outstanding net debt. Following completion of the transaction, Electrolux will more than double its sales of power cutters and diamond tools to Skr3.8 billion, from Skr1.3 billion. Electrolux's capital structure is strong for the rating category, and leverage is low. Based on net debt of Skr10.5 billion at year-end 2001, the net-debt-to-EBITDA ratio was very strong at...
Companies mentioned in this report are: Electrolux AB
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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