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ABB Ltd. CCR Raised To 'BBB-/A-3' On Resolved Asbestos Litigation; Off Watch; Outlook Positive Apr 06
Standard & Poors, April 2006
STOCKHOLM (Standard & Poor's) April 3, 2006--Standard & Poor's Ratings Services said today it raised its corporate credit rating on Switzerland-based engineering services group ABB Ltd. and related entities to 'BBB-/A-3' from 'BB+/B'. The group's Nordic CP rating was also raised, to 'K-3' from 'K-4'. At the same time, all ratings were removed from CreditWatch, where they had been placed with positive implications on Nov 7., 2005. The outlook is positive. "The upgrade reflects the reduced financial uncertainty resulting from the successful completion of the asbestos litigation settlement for Combustion Engineering, ABB's U.S. subsidiary," said Standard & Poor's credit analyst Andreas Zsiga. "The resolution caps the total Combustion Engineering-related asbestos liability, and results in a more transparent credit profile for...
Companies mentioned in this report are: ABB Ltd.
Action: Outlook: Positive
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.