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Assessing Key Credit Factors For Global Capital Goods Companies Dec 07
Standard & Poors, Dec 2007
Abstract
Capital goods companies serve a wide array of end markets and manufacture a variety of products, including analytical instrumentation, farm and construction equipment, electrical equipment such as lighting and sensors, water purification and filtration equipment, security and safety equipment, automation and control systems, and flow control equipment. Broadly, most capital goods companies fall into one of six categories: Heavy industrial capital equipment; Capital components; Electrical equipment; Construction, mining, and farm machinery; Consumable or short-lived assets; or Industrial services. Despite the significant business diversity in the sector, some shared key credit factors support successful business and financial risk profiles. These rating determinants remain fairly constant and frame our approach to the ratings on individual issuers. Rarely are capital goods companies successful...
Companies mentioned in this report are: Siemens AG,Atlas Copco AB,Rexnord LLC,SKF AB,Sandvik AB,Schneider Electric S.A.,Metso Corp.,Pentair Inc.,ABB Ltd.,Alfa Laval AB,Greif Inc.,Assa Abloy AB,Roper Industries Inc.,Baldor Electric Co.
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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