Summary: ABB Ltd. Nov 07

Standard & Poors, November 2007

Abstract
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.
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.

ABB Ltd.

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