Credit FAQ: Can China's Local Governments Still Afford To Support Their SOEs?
Mar 24, 2025 -… The two companies play a very important role for local governments due to their solid market position in auto industry and capital goods industry, the sectors that the government targeted to develop. …
Japan's Capital Goods Industry Expanding Abroad
Jan 29, 2025 -… …
Great CapExpectations: Tech, Utility Spending Power Capital Goods Revenue Growth In 2025
Jan 13, 2025 -… We believe a 4.2% increase in global capex in 2025 will contribute to overall capital goods industry revenue improvement of about 4%. Aftermarket, replacement parts, and maintenance, repair, and operations spending are other key sources of demand for industrial manufacturers. ...This destocking likely kept 2024 capital goods industry revenue about flat despite global capex increasing 5.5% as spending normalized following some underinvestment and production challenges in 2022-2023. ...This could cool the capex cycle and capital goods industry growth, particularly for manufacturers of long-life heavy equipment. …
Evolving Risks In North American Corporate Ratings: Supply Chain Disruption
Oct 29, 2024 -… At the same time, good pricing power enabled many manufacturers to improve profits when finished goods availability tightened in 2022. Capital goods industry supply chains often include several tiers, meaning that suppliers of their component inputs often have their own suppliers of component inputs, which in turn rely on other manufacturers throughout the supply chain. …
Evolving Risks For Credit Quality In U.S. Capital Goods
Jun 18, 2024 -… All the new plants under construction in the U.S. will need equipment installed in the next 18-36 months, which feeds U.S. capital goods industry revenues (Chart 1). Chart 1 S&P Global Ratings recently published an assessment of the potential credit materiality of some megatrends (see "White Paper: Assessing How Megatrends May Influence Credit Ratings," April 18, 2024). ...Credit Quality Looks Solid in 2024 Companies we rate in the U.S. capital goods industry showed remarkable resilience through a cost spike and supply-chain difficulties in 2022 and 2023, effectively passing on costs and improving profits in the last few years (Chart 2). ...Johnson Controls (JCI) offers some of the most digitally connected products in the capital goods industry, and a cybersecurity incident struck its internal information technology infrastructure and applications, which caused order processing and logistics disruptions and delays, affected the timing of its financial reporting, and added expenses for incident response and remediation. …
Sustainability Insights: Climate Transition Risk: Historical Greenhouse Gas Emissions Trends For Global Industries
Nov 22, 2023 -… Although less than half the size of the capital goods industry, the utilities industry produces the most scope 1 GHG emissions (5.6 billion tCO2e) followed by materials (5 billion tCO2e). …
Report Card: Large Capital Goods Companies Are Positioning Themselves For A Post-Pandemic Recovery
Dec 7, 2020 -… We now expect the group's revenue to decline by about 8% in 2020, and recover by about 4% per year in 2021 and 2022, in line with the broader pace of recovery in the capital goods industry. Reflecting the lower volumes, we expect the EBITDA margin to decline by about 100 bps to about 11% in 2020. …
Research Update: Australian Equipment Rental Company National Group And Its Notes Assigned Preliminary 'B' Ratings; Outlook Stable
Jun 29, 2020 -… Ratings Score Snapshot Issuer Credit Rating: B (prelim)/Stable/-- Business risk: Vulnerable Country risk: Very low Industry risk: Intermediate Competitive position: Vulnerable Financial risk: Aggressive Cash flow/Leverage: Aggressive Anchor: b Modifiers: Diversification/Portfolio effect: Neutral (No impact) Capital structure: Neutral (No impact) Liquidity: Adequate (No impact) Financial policy: Neutral (No impact) Management and governance: Fair (No impact) Comparable rating analysis: Neutral (No impact) Stand-alone credit profile: b Related Criteria General Criteria: Group Rating Methodology , July 1, 2019 Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments , April 1, 2019 Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers , Dec. 7, 2016 Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers , Dec. 16, 2014 General Criteria: Country Risk Assessment Methodology And Assumptions , Nov. 19, 2013 Criteria | Corporates | General: Corporate Methodology , Nov. 19, 2013 Criteria | Corporates | Industrials: Key Credit Factors For The Capital Goods Industry , Nov. 19, 2013 General Criteria: Methodology: Industry Risk , Nov. 19, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities , Nov. 13, 2012 General Criteria: Use Of CreditWatch And Outlooks , Sept. 14, 2009 Ratings List New Rating National Group Corporation Pty Ltd. …
Japan's Capital Goods Industry Enduring COVID-19, So Far…
Jun 24, 2020 -… …
Credit FAQ: Can China's Local Governments Still Afford To Support Their SOEs?
Mar 24, 2025 -… The two companies play a very important role for local governments due to their solid market position in auto industry and capital goods industry, the sectors that the government targeted to develop. …
Japan's Capital Goods Industry Expanding Abroad
Jan 29, 2025 -… …
Great CapExpectations: Tech, Utility Spending Power Capital Goods Revenue Growth In 2025
Jan 13, 2025 -… We believe a 4.2% increase in global capex in 2025 will contribute to overall capital goods industry revenue improvement of about 4%. Aftermarket, replacement parts, and maintenance, repair, and operations spending are other key sources of demand for industrial manufacturers. ...This destocking likely kept 2024 capital goods industry revenue about flat despite global capex increasing 5.5% as spending normalized following some underinvestment and production challenges in 2022-2023. ...This could cool the capex cycle and capital goods industry growth, particularly for manufacturers of long-life heavy equipment. …
Evolving Risks In North American Corporate Ratings: Supply Chain Disruption
Oct 29, 2024 -… At the same time, good pricing power enabled many manufacturers to improve profits when finished goods availability tightened in 2022. Capital goods industry supply chains often include several tiers, meaning that suppliers of their component inputs often have their own suppliers of component inputs, which in turn rely on other manufacturers throughout the supply chain. …
Evolving Risks For Credit Quality In U.S. Capital Goods
Jun 18, 2024 -… All the new plants under construction in the U.S. will need equipment installed in the next 18-36 months, which feeds U.S. capital goods industry revenues (Chart 1). Chart 1 S&P Global Ratings recently published an assessment of the potential credit materiality of some megatrends (see "White Paper: Assessing How Megatrends May Influence Credit Ratings," April 18, 2024). ...Credit Quality Looks Solid in 2024 Companies we rate in the U.S. capital goods industry showed remarkable resilience through a cost spike and supply-chain difficulties in 2022 and 2023, effectively passing on costs and improving profits in the last few years (Chart 2). ...Johnson Controls (JCI) offers some of the most digitally connected products in the capital goods industry, and a cybersecurity incident struck its internal information technology infrastructure and applications, which caused order processing and logistics disruptions and delays, affected the timing of its financial reporting, and added expenses for incident response and remediation. …
Sustainability Insights: Climate Transition Risk: Historical Greenhouse Gas Emissions Trends For Global Industries
Nov 22, 2023 -… Although less than half the size of the capital goods industry, the utilities industry produces the most scope 1 GHG emissions (5.6 billion tCO2e) followed by materials (5 billion tCO2e). …
Report Card: Large Capital Goods Companies Are Positioning Themselves For A Post-Pandemic Recovery
Dec 7, 2020 -… We now expect the group's revenue to decline by about 8% in 2020, and recover by about 4% per year in 2021 and 2022, in line with the broader pace of recovery in the capital goods industry. Reflecting the lower volumes, we expect the EBITDA margin to decline by about 100 bps to about 11% in 2020. …
Research Update: Australian Equipment Rental Company National Group And Its Notes Assigned Preliminary 'B' Ratings; Outlook Stable
Jun 29, 2020 -… Ratings Score Snapshot Issuer Credit Rating: B (prelim)/Stable/-- Business risk: Vulnerable Country risk: Very low Industry risk: Intermediate Competitive position: Vulnerable Financial risk: Aggressive Cash flow/Leverage: Aggressive Anchor: b Modifiers: Diversification/Portfolio effect: Neutral (No impact) Capital structure: Neutral (No impact) Liquidity: Adequate (No impact) Financial policy: Neutral (No impact) Management and governance: Fair (No impact) Comparable rating analysis: Neutral (No impact) Stand-alone credit profile: b Related Criteria General Criteria: Group Rating Methodology , July 1, 2019 Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments , April 1, 2019 Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers , Dec. 7, 2016 Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers , Dec. 16, 2014 General Criteria: Country Risk Assessment Methodology And Assumptions , Nov. 19, 2013 Criteria | Corporates | General: Corporate Methodology , Nov. 19, 2013 Criteria | Corporates | Industrials: Key Credit Factors For The Capital Goods Industry , Nov. 19, 2013 General Criteria: Methodology: Industry Risk , Nov. 19, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities , Nov. 13, 2012 General Criteria: Use Of CreditWatch And Outlooks , Sept. 14, 2009 Ratings List New Rating National Group Corporation Pty Ltd. …
Japan's Capital Goods Industry Enduring COVID-19, So Far…
Jun 24, 2020 -… …