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ABB Ltd. 'A' Long-Term Ratings Put on CreditWatch Negative After Change of Management Sep 02
Standard & Poors, Sep 2002
Abstract
FRANKFURT (Standard & Poor's) Sept. 6, 2002--Standard & Poor's Ratings Services said today it placed its single-'A' long-term ratings on Switzerland-based engineering services group ABB Ltd. and related entities (excluding insurance entity Sirius International Insurance Corp.) on CreditWatch with negative implications. At the same time, the'A-2' short-term ratings on ABB and related entities were affirmed. 'The CreditWatch placement reflects yesterday's announcement by the group of a change in top management,' said Standard & Poor's credit analyst Maria Bissinger. 'The management change comes at a sensitive time for the group, as it is in the process of transforming to a customer-centric organization.' Although new CEO J-rgen Dormann's initial public statement suggested that there would be no major change to the current...
Companies mentioned in this report are: ABB Ltd.,Sirius International Insurance Corp.
Action: On CreditWatch:Negative
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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