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ABB Ltd. Long-Term Ratings Lowered to 'A-', Off CreditWatch; Outlook Negative Oct 02
Standard & Poors, Oct 2002
Abstract
FRANKFURT (Standard & Poor's) Oct. 1, 2002--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit ratings on Switzerland-based engineering services group ABB Ltd. (ABB) to single-'A'-minus from single-'A', reflecting the group's ongoing challenge to improve operating performance under difficult industry conditions, as well as continuing asbestos uncertainties. At the same time, the long-term ratings on ABB were removed from CreditWatch, where they were placed on Sept. 6, 2002. The outlook is negative. In addition, Standard & Poor's affirmed its 'A-2' short-term corporate credit ratings on ABB and its single-'A' long-term insurer financial strength and counterparty credit ratings on insurance entity Sirius International Insurance Corp. (Sirius). The outlook on Sirius is stable. 'The negative outlook on ABB...
Companies mentioned in this report are: ABB Ltd.,Sirius International Insurance Corp.
Action: Downgraded, Off CreditWatch
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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