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BULLETIN: ABB Ltd. Asbestos Legal Settlement Approved By U.S. District Court Aug 03
Standard & Poors, Aug 2003
Abstract
FRANKFURT (Standard & Poor's) Aug. 1, 2003--Standard & Poor's Ratings Services said today the ratings and outlook on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) are not immediately affected by today's U.S. District Court ruling in favor of the group's proposed asbestos plan. Nevertheless, Standard & Poor's will consider a revision of its outlook to stable once improvements in the group's currently fair liquidity position are achieved. Today's positive ruling constitutes a sound position from which to execute some of the group's most important operational and financial transactions. Standard & Poor's believes the ruling will allow ABB to make quick progress with the planned disposal of its Oil, Gas, and Petrochemicals division. The ruling will also improve ABB's access to capital...
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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