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ABB Ltd. Ratings Lowered to 'BBB-'; Remain on Watch Negative Nov 02
Standard & Poors, Nov 2002
Abstract
NEW YORK (Standard & Poor's) Nov. 5, 2002-- Standard & Poor's Ratings Services said today it lowered its long-term corporate credit rating on Switzerland-based engineering services group ABB Ltd. (ABB) to triple-'B'-minus from triple-'B'-plus, reflecting the group's weak operating performance, restructuring challenges, and continuing uncertainties on asbestos litigation. At the same time, ABB's short-term corporate credit rating was lowered to 'A-3' from 'A-2', and the Nordic Scale short-term rating to 'K-3' from 'K-1'. All ratings remain on CreditWatch with negative implications, where they were placed on Oct. 22, 2002. In addition, Standard & Poor's affirmed its single-'A'-minus long-term counterparty credit and insurer financial strength ratings on Sweden-based Sirius International Insurance Corp. (Sirius), the group's insurance entity. The outlook on Sirius...
Companies mentioned in this report are: ABB Ltd.,Sirius International Insurance Corp.
Action: Downgraded, 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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