S&P raises ABB

Standard & Poor's said it raised its long-term corporate credit ratings on ABB Ltd. and related entities to A- from BBB+.

The senior unsecured rating was revised to A- from BBB, S&P noted.

At the same time, the ratings were removed from CreditWatch, where they were placed with positive implications on Feb. 16, S&P said, adding that the short-term credit ratings of A-2 and the Nordic-scale ratings of K-1 were affirmed.

The outlook is stable.

The agency said that the upgrade reflects ABB's solid business performance, which in turn reflects the group's strong business risk profile and improving financial risk profile that has been revised to modest from intermediate.

S&P added that the ratings on ABB reflect the group's strong business risk profile, with leading global positions, strong technology bases and good earnings diversification in its core businesses of power transmission and distribution and automation.

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