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ABB Ltd. Outlook Revised to Stable on Asbestos Litigation Delay; Ratings Affirmed Dec 04
Standard & Poors, Dec 2004
Abstract
FRANKFURT (Standard & Poor's) Dec. 6, 2004--Standard & Poor's Ratings Services said today it revised its outlook on Switzerland-based engineering services company ABB Ltd. to stable from positive, following the U.S. Third Circuit Court of Appeals' ruling that ABB's Chapter 11 Plan of Reorganization for its U.S. subsidiary, Combustion Engineering (CE) will need to be reviewed again by the District Court. At the same time, Standard & Poor's affirmed the 'BB+' long-term and 'B' short-term ratings on the company. 'The outlook revision is based on the delay in the process of settling ABB's asbestos-related litigation as a result of the ruling of the Court of Appeals, which adds an element of uncertainty,' said Standard & Poor's credit analyst Maria Bissinger....
Companies mentioned in this report are: ABB Ltd.
Action: Affirmed
Action: Outlook: Stable
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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