|
|
 |
|
Viewing report
|
|
|
|
ABB Ltd. $1 Billion Revolving Credit Facility Assigned 'BB+' Long-Term Bank Loan Rating Jan 04
Standard & Poors, Jan 2004
Abstract
LONDON (Standard & Poor's) Jan. 6, 2004--Standard & Poor's Ratings Services said today it assigned its long-term 'BB+' bank loan rating to the $1 billion senior unsecured revolving credit facility, which matures in 2006, for Switzerland-based engineering company ABB Ltd. (BB+/Positive/B). Related entities ABB Asea Brown Boveri Ltd. (BB+/Positive/B) and ABB Capital B.V. (BB+/Positive/B) will be the borrowers. The facility is guaranteed by the borrowers as well as ABB Ltd. (ABB) and will be used for general corporate purposes including refinancing. Pricing for the three-year facility will remain linked with the corporate credit rating on ABB. Covenants include a leverage ratio and an interest coverage ratio. The main nonfinancial covenants include a negative pledge and limitations on subsidiary indebtedness, both...
Companies mentioned in this report are: ABB Ltd.,ABB Capital B.V.,ABB Asea Brown Boveri Ltd.
Action: New Rating
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.
|
|
|
|
