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ABB Ltd.'s Contingent Liquidity Improved by Amendments to $1.5 Billion Credit Facility Jul 03
Standard & Poors, July 2003
Abstract
FRANKFURT (Standard & Poor's) July 1, 2003--Standard & Poor's Ratings Services said today that amendments recently agreed to Switzerland-based engineering group ABB Ltd.'s (BB+/Negative/B) key $1.5 billion credit facility will improve the group's contingent liquidity. 'Most significantly, proceeds from specific capital market transactions of up to $500 million, and specific asset disposals will no longer, or only partly, reduce the amounts available under the credit facility,' said Standard & Poor's credit analyst Ralf Kortuem. 'Lenders now also allow ABB Ltd. to resort to additional specific secured funding of up to $300 million with third banks.' The financial covenants of the credit facility remain essentially unchanged. In the absence of any major negative events, the levels required at June 30, 2003,...
Companies mentioned in this report are: ABB Ltd.
Action: S&P Event
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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