Summary: AGCO Corp. Aug 09
Standard & Poors, August 2009
Abstract
The ratings on Duluth, Ga.-based AGCO Corp. reflect the company's satisfactory competitive business position and significant financial risk profile. Although agricultural equipment markets have traditionally been quite cyclical, geographic diversity and relatively favorable industry conditions provide support to AGCO's business. The company's focus on internal improvements, which improve profitability, should bolster operational performance. AGCO has a solid market share in South America and Europe. Although AGCO's presence in North America is only moderate, it has become profitable here. However, AGCO's reliance on offshore Brazilian and European facilities for manufacturing challenges its participation in the U.S. market. Competition from leader Deere & Co. in the U.S. is intense. In the second quarter, AGCO's revenues declined 25% year-over-year (including about 11% of...
Companies mentioned in this report are: AGCO Corp.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
AGCO Corp.
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