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ABB Ltd. Ratings Still On Watch Positive Following Court Decision On U.S. Subsidiary Dec 05
Standard & Poors, Dec 2005
Abstract
FRANKFURT (Standard & Poor's) Dec. 20, 2005--Standard & Poor's Ratings Services said today it was maintaining its credit ratings on Switzerland-based engineering services group ABB Ltd. (BB+/B) and related entities on CreditWatch with positive implications. The ratings had been placed on CreditWatch on Nov. 7, 2005, reflecting the continual improvement in ABB's financial profile and capital structure in recent years, and its potential to return to a low investment-grade rating on successful completion of the asbestos litigation settlement. Subsequently, on Dec. 19, 2005, the U.S. Bankruptcy Court issued an order confirming the revised plan for the reorganization of Combustion Engineering Inc., the ABB subsidiary in the U.S., and recommending the affirmation of the plan to the District Court. 'Supported by...
Companies mentioned in this report are: ABB Ltd.
Action: CreditWatch Update
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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