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BULLETIN: ABB Ltd. Announces Sale of Structured Finance Business to GE Commercial Finance Sep 02
Standard & Poors, Sep 2002
Abstract
Standard & Poor's Ratings Services said today that the announcement by Switzerland-based engineering group ABB Ltd. (A/Negative/A-2) of the sale of most of its structured finance business to GE Commercial Finance for total cash proceeds of about $2.3 billion, will not affect the ratings or outlook on the company. Although this is a favorable development, which reflects management's commitment to focus on core industrial operations and to strengthen the company's capital structure, the asset sale was expected, and is already incorporated in Standard & Poor's ratings and outlook. The transaction will lead to a reduction of net debt of about $2.3 billion. To maintain the current ratings, it will be essential for ABB to improve operating cash flows in the...
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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