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ABB Ltd. Meets Near-Term Debt Reduction Targets; Further Disposals Planned Mar 03
Standard & Poors, March 2003
Abstract
FRANKFURT (Standard & Poor's) March 5, 2003--Although Switzerland-based engineering company ABB Ltd. (ABB; BB+/Negative/B) has met it near-term targets for operating profits, cash flows, and debt reduction, further restructuring and deleveraging measures are required, Standard & Poor's Ratings Services said in a report published today. 'The news from ABB over the past few weeks has been very encouraging,' said Standard & Poor's credit analyst Ralf Kortuem. 'The group's fourth-quarter performance has been in line with expectations and, no less importantly, ABB reports good progress in its legal proceedings to bring under control asbestos litigation it is facing in the U.S.' Nevertheless, ABB's capitalization has weakened further as a result of high losses in the quarter ended Dec. 31, 2002. In...
Companies mentioned in this report are: ABB Ltd.
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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