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BULLETIN: ABB Ltd. Receives Long-Awaited Favorable Asbestos Ruling Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 10, 2003--Standard & Poor's Ratings Services said today its ratings on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) are unaffected by today's long-awaited court ruling in favor of the ABB group's proposed asbestos plan. In an order issued today, Judge Judith Fitzgerald of the U.S. Bankruptcy Court in Wilmington, Del., recommended confirmation of the plan to the U.S. District Court and implementation of a channeling injunction including all claims that ABB and its affiliates had proposed to be covered. Accordingly, such an injunction would not only protect subsidiary Combustion Engineering Inc., but also subsidiaries ABB Lummus Global Inc. and Basic Inc. The positive ruling is a major breakthrough in ABB's efforts to end asbestos-related litigation...
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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