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ABB Ltd. Ratings Lowered to 'BB+' Following Credit Review; Off Watch; Outlook Negative Jan 03
Standard & Poors, Jan 2003
Abstract
FRANKFURT (Standard & Poor's) Jan. 13, 2002--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit ratings on Switzerland-based engineering group ABB Ltd. (ABB) to 'BB+' from 'BBB-', its short-term corporate credit ratings to 'B' from 'A-3', and the group's senior unsecured debt ratings to 'BB-' from 'BB+'. All ratings were removed from CreditWatch, where they were placed on Oct. 22, 2002. The outlook is negative. This concludes the credit review carried out by Standard & Poor's over the past few weeks. 'The rating actions primarily reflect current refinancing risks to ABB arising from the use of excessive financial leverage at a time of significant near-term challenges, notably the continued adverse market sentiment toward the group's exposure...
Companies mentioned in this report are: ABB Ltd.
Action: Downgraded, Off CreditWatch
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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