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ABB Ltd. Rating Raised To 'BBB+/A-2' On Strong Financials; Off CreditWatch; Outlook Stable May 06
Standard & Poors, May 2006
Abstract
STOCKHOLM (Standard & Poor's) May 15, 2006--Standard & Poor's Ratings Services said today it raised its corporate credit ratings on Switzerland-based engineering services group ABB Ltd. (ABB) and related entities to 'BBB+/A-2' from 'BBB-/A-3'. ABB group's Nordic CP rating was also raised, to 'K-1' from 'K-3'. At the same time, the ratings were removed from CreditWatch, where they had been placed with positive implications on April 27, 2006. The outlook is stable. ABB's reported debt at March 31, 2006, and Standard & Poor's adjusted net debt for the group were both about $4.1 billion. 'The upgrade reflects the strong underlying operational and financial performance and prospects of ABB. These have been underpinned by the immediate improvement in the company's capital...
Companies mentioned in this report are: ABB Ltd.
Action: Outlook: Stable
Action: Upgraded
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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