|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: ABB Ltd. Announces First-Half 2002 Results Jul 02
Standard & Poors, July 2002
Abstract
Standard & Poor's said today that the first-half 2002 earnings reported by ABB Ltd. (A/Negative/A-2) on July 24, 2002, have no immediate impact on the ratings or outlook on the company, despite a weaker-than-expected EBIT of $368 million (after $185 million restructuring costs, asset write-downs, and charges), an EBIT margin of only 3.4%, and an increase in net debt of $749 million in the second quarter 2002, which was largely due to noncash currency movements and a debt-financed acquisition of financial receivables. In order to maintain the current ratings, it will be essential for ABB to improve operating cash flows in the second half of 2002, proceed with the announced disposal of its structured finance business in the third quarter,...
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.
|
|
|
|
