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Issuer Ranking: Global Aerospace And Defense Companies, Strongest To Weakest Jan 09
Standard & Poors, Jan 2009
Abstract
For commercial aerospace manufacturers and their suppliers, demand for aircraft from 2005-2007 was so strong that they still have record order backlogs. However, the global slowdown that began in 2008 will catch up to the industry eventually-most likely a little sooner than Standard & Poor's Ratings Services had previously expected. Considering the existing backlog, the current drop in air traffic, and the reduced financing for aircraft purchases, we now expect deliveries will likely peak in 2009-2010, rather than in 2011. In the U.S. defense sector, we also view the outlook as stable over the next year, given high levels of government spending under the current fiscal 2009 defense budget. In addition, a supplemental appropriations bill funds the war in Iraq...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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