Issuer Ranking: U.S. Capital Goods Companies, Strongest To Weakest Mar 12
Standard & Poors, March 2012
Abstract
Credit quality in the U.S. capital goods sector should remain broadly stable in 2012, in Standard & Poor's Ratings Services' view. Recent improvements in hiring, business sentiment, and consumer spending have given us cautious confidence in the U.S. recovery, leading our economists to revise their estimation of the odds of another recession downward to 20% from 25%. This supports our expectation that the economic backdrop for industrial and manufacturing activity, both key economic factors that drive ratings in the sector, is modestly positive. Our view of construction activity, another key factor, is less sanguine, as we believe the recent mild weather provided only a temporary boost in the still-depressed market. The industrial-led recovery that has spurred revenue growth, margin expansion,...
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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