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ABB Ltd. Outlook Revised to Positive on Rights Issue and Credit Facility News;Ratings Affirmed Oct 03
Standard & Poors, Oct 2003
Abstract
FRANKFURT (Standard & Poor's) Oct. 28, 2003--Standard & Poor's Ratings Services said today it revised its outlook on Switzerland-based engineering company ABB Ltd. (ABB) to positive from negative, following the group's announcement that it has obtained underwriting commitments for an equity rights issue of $2.5 billion from a number of banks. At the same time, Standard & Poor's affirmed its 'BB+/B' corporate credit and 'BB-' senior unsecured debt ratings on ABB. In addition to the equity rights issue, which is expected to be finalized by mid-December 2003, ABB announced it has secured commitments from a syndicate of banks to provide a new $1 billion revolving standby credit facility with a tenor of three years. The new facility will become available...
Companies mentioned in this report are: ABB Ltd.
Action: Outlook Revised
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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