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Issuer Ranking: European Capital Goods Companies, Strongest To Weakest Sep 09 Product Image

Issuer Ranking: European Capital Goods Companies, Strongest To Weakest Sep 09

  • ID: 2040762
  • September 2009
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • ABB Ltd.
  • Assa Abloy AB
  • Borets International Ltd.
  • Invensys PLC
  • OMZ
  • SKF AB
  • MORE

Abstract
Overall performance in the European capital goods sector weakened considerably in the first half of 2009. In our view, this reflects a very sharp drop in demand and under-absorption of costs, despite aggressive cost cutting measures. Aftermarket operations have also been adversely affected in many cases by a significant drop in industrial capacity utilization, despite their traditionally resilient and defensive nature. We believe that the fall in demand includes an element of inventory management and cash flow preservation measures across the various supply chains. Furthermore, we think it likely that customers have delayed investment decisions in view of the uncertain economic outlook and funding constraints. Nevertheless, the drop in capacity utilization and investment activity is significant. In most capital goods...

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.

Note: Product cover images may vary from those shown

- Siemens AG
- Atlas Copco AB
- Koninklijke Philips N.V.
- SKF AB
- Sandvik AB
- Schneider Electric S.A.
- Invensys PLC
- Metso Corp.
- Smiths Group PLC
- ABB Ltd.
- Ashtead Group PLC
- Alfa Laval AB
- Strabag SE
- Bauer AG
- Nexans S.A.
- Assa Abloy AB
- OMZ
- Heraeus Holding GmbH
- Alstom S.A.
- Baxi Holdings Ltd.
- Duerr AG
- Gildemeister AG
- Peri-Werk Artur Schwoerer GmbH & Co. KG
- SAVCIO Holdings (Proprietary) Ltd.
- VAC Holding GmbH
- Borets International Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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