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ABB Ltd. Awaits Asbestos Court Ruling; Liquidity Position Needs Improvement May 03
Standard & Poors, May 2003
Abstract
On May 26, 2003, Standard & Poor's Ratings Services reported that it would leave its ratings and outlook on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) unchanged, despite some uncertainties over when a final court ruling on the proposed asbestos trust for its U.S. subsidiary Combustion Engineering Inc. (CE) will be achieved. Over the past few months, ABB has made good progress in its efforts to end asbestos-related litigation against the group. Most importantly, it has secured the necessary quorum of asbestos claimants in favor of the asbestos settlement. The current delays in the ruling appear to be temporary setbacks. Standard & Poor's remains confident that the court decision can be obtained in the near term. No indication of the timetable...
Companies mentioned in this report are: ABB Ltd.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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