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Adobe Systems Inc. Jan 12
Standard & Poors, Jan 2012
Abstract
Broad and well-established product portfolio and good geographic diversity; Strong brand recognition; and Solid cash flow generation and liquidity. Ongoing technology challenges; Growing but moderate recurring revenues; and Moderately acquisitive. The investment-grade corporate credit rating on San Jose, Calif.-based software provider Adobe Systems Inc. reflects the company's satisfactory business position, successful track record of integrating acquired operations, and modest leverage. Its defensible market positions and adequate financial flexibility to support growth initiatives temper its niche product focus and moderate acquisition strategy. With revenues in fiscal 2011 (ended Dec. 2) of about $4.2 billion, Adobe is a leading provider of Web and multimedia content and publishing software. The company has a number of market-leading products, including Adobe Acrobat, Flash Player, and...
Companies mentioned in this report are: Adobe Systems Inc.
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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