Summary: ABB Ltd. Jul 09

Standard & Poors, July 2009

Abstract
The ratings on ABB Ltd. reflect the group's strong business risk profile, leading global positions, strong technology base, and good earnings diversity 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 expectations that the group will maintain a conservative financial policy. ABB's current performance has clearly been affected by the current economic downturn since the fourth quarter of 2008, and weakened further in the second quarter of 2009. Sales in the quarter decreased by 12% year-on-year. The group's EBIT fell by some 28%, and the EBIT margin fell to 13.2%...

Companies mentioned in this report are: ABB Ltd.
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.

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