Research Update: Dutch Finance Vehicle ABB Finance B.V. Rated 'A/A-1' In Line With Parent ABB Ltd.; Outlook Stable Dec 11
- Language: English
- Published: December 2011
- Region: Holland, Netherlands
The ratings on ABB Ltd. reflect the group's strong business risk profile, leading global positions, strong technology base, and good earnings diversity in its core businesses of power transmission and distribution, and automation. They also reflect the group's modest financial risk profile, including recently strong debt protection measures and sound free operating cash flow generation and liquidity positions, as well as expectations that the group will maintain a conservative financial policy. Performance in 2008 continued on a strong track, but there was a considerable weakening in the fourth quarter of 2008 and the first quarter of 2009. Sales in the first quarter of 2009 decreased by 9% year-on-year, while full-year 2008 sales increased by 20%. The group's EBIT margin fell...
Companies mentioned in this report are: ABB Ltd.
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