Summary: ABB Ltd. May 07

Standard & Poors, May 2007

Abstract
The ratings on ABB reflect the group's strong business risk profile, with leading global positions, strong technology bases, and good earnings diversification 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 the expectations that the group will maintain a conservative financial policy. ABB's adjusted group debt was about $2.76 billion at Dec. 31, 2006, (including a total of $2.5 billion of leasing, postretirement, and other debt adjustments, and the deduction of about $3 billion in excess cash). The equity conversion of about 80% of ABB's 2010 Swiss franc 1 billion convertible...

Companies mentioned in this report are: ABB Ltd.,Emerson Electric Co.,Rockwell Automation Inc.,Siemens AG,Schneider Electric S.A.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

ABB Ltd.,Emerson Electric Co.,Rockwell Automation Inc.,Siemens AG,Schneider Electric S.A.

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