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ABB Meets Fourth-Quarter Expectations; Further Progress on Asbestos Litigation Feb 03
Standard & Poors, Feb 2003
Abstract
FRANKFURT (Standard & Poor's) Feb. 28, 2003--Standard & Poor's Ratings Services said today that its ratings on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) are unaffected by the company's preliminary year-end results announcement. 'Free cash flow generation in the fourth quarter of the fiscal year ended Dec. 31, 2002, exceeded expectations and amounted to about $800 million if adjusted for asbestos-related payments, pension funding, and a significantly lower level of receivables securitizations than at the end of the previous quarter,' said Standard & Poor's credit analyst Ralf Kortuem. The group's net-adjusted indebtedness at Dec. 31, 2002, also developed better than expected, and fourth-quarter EBIT was in line with expectations. 'On the other hand, the group's high fourth-quarter loss was a disappointment,...
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.
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