Research Update: ABB Ltd. Ratings Affirmed On Plans To Acquire Thomas & Betts; Outlook Stable Feb 12
- Language: English
- Published: February 2012
The ratings on ABB reflect the group's strong business risk profile, leading global positions, strong technology base, and good earnings diversification in its core businesses of power transmission and distribution, and automation. They also reflect the group's modest financial risk profile, including recently strong debt protection measures and sound free operating cash flow generation and liquidity positions, as well as expectations that the group will maintain a conservative financial policy. ABB's adjusted group debt was about $1 billion at Sept. 30, 2007 (including a total of $2.5 billion in estimated leasing, postretirement, and other debt adjustments, and the deduction of about $4.1 billion in excess cash). The automation industry is fragmented and competitive. Cyclicality of demand, with mid- to late-cycle...
Companies mentioned in this report are: ABB Ltd.
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