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ABB Ltd. Ratings Lowered to 'BBB+' Following Profit Warning; On Watch Negative Oct 02
Standard & Poors, Oct 2002
Abstract
FRANKFURT (Standard & Poor's) Oct. 22, 2002--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit ratings on Switzerland-based engineering services group ABB Ltd. (ABB) to triple-'B'-plus from single-'A'-minus following a profit warning issued by the group on Oct. 21, 2002. At the same time, all ratings on the group were placed on CreditWatch with negative implications, including the long-term corporate credit ratings, the 'A-2' short-term corporate credit ratings, and the single-'A' long-term insurer financial strength and counterparty credit ratings on Sirius International Insurance Corp. (Sirius), the group's insurance entity. 'The downgrade of ABB primarily reflects the group's deteriorating operating performance and continued challenge to improve cash flows and operating margins under still-weak conditions in its core...
Companies mentioned in this report are: ABB Ltd.,Sirius International Insurance Corp.
Action: Downgraded, On CreditWatch Negative
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.
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