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ABB Ltd. on Track to Meet Targets From Corporate Restructuring Feb 04
Standard & Poors, Feb 2004
Abstract
Standard & Poor's Ratings Services believes Switzerland-based engineering company ABB Ltd. (BB+/Positive/B) fourth-quarter results confirm the significant progress achieved by the group in improving its cost position and the competitiveness of its core divisions. In addition, order and revenue growth as well as cash flow generation in the second half of 2003 were ahead of expectations in ABB's Automation Technologies and Power Technologies divisions, offsetting the somewhat weaker performance in the first half of 2003. Yet, noncore activities and losses from discontinued operations continued to affect the group's earnings. The hearing on ABB's asbestos case is still expected to take place before mid-year 2004. In the fiscal year ended Dec. 31, 2003, ABB reported EBIT (after special items) of $656...
Companies mentioned in this report are: ABB Ltd.
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.
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