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ABB Group Unsecured Debt Ratings Cut to 'BB+'; Corporate Credit Ratings Remain On Watch Neg Dec 02
Standard & Poors, Dec 2002
Abstract
FRANKFURT (Standard & Poor's) Dec. 18, 2002--Standard & Poor's Ratings Services said today it lowered its unsecured debt ratings on Switzerland-based engineering services group ABB to 'BB+' from 'BBB-', following the group's announcement that it had reached agreement on a new $1.5 billion secured credit facility (the New Facility) that ranks senior to the group's outstanding bonds. The 'BBB-' long-term and 'A-3' short-term corporate credit ratings, as well as its 'K-3' Nordic Scale short-term rating on ABB Ltd. and related entities remain unchanged. All ratings also remain on CreditWatch with negative implications, where they were placed on Oct. 22, 2002. 'The downgrade of the group's unsecured debt ratings reflects the material additional subordination that bondholders will experience following the agreement...
Companies mentioned in this report are: ABB Ltd.
Action: Downgraded
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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