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AGCO Corp. Sep 07
Standard & Poors, September 2007
Solid market positions in Europe and South America; Product-line breadth and geographic diversity; Low level of vertical integration and highly variable cost structure; and Extensive dealer network. Volatile industry, tied to agricultural commodity price which can vary considerably; Highly competitive industry conditions; and Aggressive financial profile. The ratings on Duluth, Ga.-based AGCO Corp. reflect the company's satisfactory competitive business position as the world's third-largest agricultural equipment manufacturer, with annual sales of $5.9 billion. The company's aggressive financial profile made it vulnerable during the latest prolonged cyclical downturn, but amid the market recovery of the past several years, AGCO's credit measures are in line with the ratings on the company. Although agricultural equipment markets have traditionally been quite cyclical, geographic diversity...
Companies mentioned in this report are: AGCO Corp.
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: Full Analysis