Morningstar Credit Research
Morningstar Credit Research Morningstar offers credit ratings and analysis on more than 700 companies worldwide, with an emphasis on long-term competitive dynamics, future cash flows versus financial commitments, and scenario analysis.
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Name Date
Morningstar ! Philip Morris' solid fundamentals make it an attractive portfolio holding. Updated Forecasts and Estimates from 22 May 2012 Morningstar ! Philip Morris 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Good Very Good Wide Tobacco Products Consumer Defensive Philip Morris International, Inc. PM (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! After successfully integrating Budweiser, ABInBev is concentrating on driving the business forward. Updated Forecasts and Estimates from 08 Mar 2012 Morningstar ! After successfully integrating Budweiser, ABInBev is concentrating on driving the business forward. Updated Forecasts and Estimates from 08 Mar 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Fair Very Good Wide Beverages - Alcoholic Consumer Defensive Anheuser-Busch Inbev SA ABI (XBRU) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! BAE's strong incumbency is likely to feel a pinch from budget headwinds. See Updated Analyst Note from 22 Feb 2012 Morningstar ! BAE 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Very Poor Narrow Aerospace & Defense Industrials BAE Systems PLC BA. (XLON) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Ralph Lauren Ends Fiscal 2012 on Good Note; Europe Weighs on Outlook but We Like the Long-Term Story. See Updated Analyst Note from 22 May 2012 Morningstar ! Ralph Lauren Ends Fiscal 2012 on Good Note; Europe Weighs on Outlook but We Like the Long-Term Story. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Very Good Very Good Narrow Manufacturing - Apparel & Furniture Consumer Cyclical Ralph Lauren Corp RL (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! The large project construction segment should lead Granite's long-term growth. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! The large project construction segment should lead Granite 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Good Fair Fair None Engineering & Construction Industrials Granite Construction Inc. GVA (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! ConAgra's Appetite for Acquisitions has Yet to be Satisfied; Shares Slightly Overvalued. See Updated Analyst Note from 22 May 2012 Morningstar ! ConAgra 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Fair Very Good Narrow Consumer Packaged Goods Consumer Defensive ConAgra Foods, Inc. CAG (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! AutoZone Slows Down Due to Seasonal Volatility; Industry Fundamentals Remain Solid. See Updated Analyst Note from 22 May 2012 Morningstar ! AutoZone Slows Down Due to Seasonal Volatility; Industry Fundamentals Remain Solid. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Very Good Narrow Retail - Apparel & Specialty Consumer Cyclical AutoZone Inc AZO (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Apache continues its successful acquire-and-exploit model while broadening its exploratory efforts. Updated Forecasts and Estimates from 21 May 2012 Morningstar ! Apache continues its successful acquire-and-exploit model while broadening its exploratory efforts. Updated Forecasts and Estimates from 21 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Very Good Fair Narrow Oil & Gas - E&P Energy Apache Corporation APA (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Vodafone's Fiscal Year-End Results Produced Better Margins Than We Expected. See Updated Analyst Note from 22 May 2012 Morningstar ! Vodafone 2012-05-22
Morningstar ! RailAmerica Considering Strategic Alternatives. See Updated Analyst Note from 22 May 2012 Morningstar ! RailAmerica Considering Strategic Alternatives. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Fair Good None Transportation & Logistics Industrials RailAmerica Inc. RA (NYSE) | BB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! Medtronic Wraps up Fiscal 2012 With Solid 4Q. See Updated Analyst Note from 22 May 2012 Morningstar ! Medtronic Wraps up Fiscal 2012 With Solid 4Q. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Very Good Very Good Wide Medical Devices Healthcare Medtronic, Inc. MDT (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! General Mills Looks to Take Further Costs Out; Shares Fairly Valued. See Updated Analyst Note from 22 May 2012 Morningstar ! General Mills Looks to Take Further Costs Out; Shares Fairly Valued. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Fair Very Good Narrow Consumer Packaged Goods Consumer Defensive General Mills, Inc. GIS (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Express Scripts Feels No Impact from Walgreen Dispute in 1Q. Updated Forecasts and Estimates from 22 May 2012 Morningstar ! Express Scripts Feels No Impact from Walgreen Dispute in 1Q. Updated Forecasts and Estimates from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Fair Good Wide Health Care Plans Healthcare Express Scripts ESRX (NAS) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Nuclear relicensing concerns present long-term uncertainty. Updated Forecasts and Estimates from 11 May 2012 Morningstar ! Nuclear relicensing concerns present long-term uncertainty. Updated Forecasts and Estimates from 11 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Very Poor Very Poor Very Poor Narrow Utilities - Regulated Utilities Entergy Corp ETR (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! EMC is positioned to capitalize on the expanding storage needs of corporate data centers Morningstar ! EMC is positioned to capitalize on the expanding storage needs of corporate data centers 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Good Good Very Good Narrow Computer Hardware Technology EMC Corporation EMC (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! BBY Saying the Right Things, but Leadership Uncertainty and Competition Still Threats to Turnaround. See Updated Analyst Note from 22 May 2012 Morningstar ! BBY Saying the Right Things, but Leadership Uncertainty and Competition Still Threats to Turnaround. See Updated Analyst Note from 22 May 2012 2012-05-22
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Very Poor Poor None Retail - Apparel & Specialty Consumer Cyclical Best Buy Co Inc BBY (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! Despite a More Modest Outlook, We Think Sysco Should Serve Up Continued Cost Savings and Share Gains. See Updated Analyst Note from 21 May 2012 Morningstar ! Despite a More Modest Outlook, We Think Sysco Should Serve Up Continued Cost Savings and Share Gains. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Good Very Good Wide Retail - Defensive Consumer Defensive Sysco Corporation SYY (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Statoil looks to reverse declining Norwegian production and grow internationally. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! Statoil looks to reverse declining Norwegian production and grow internationally. Updated Forecasts and Estimates from 17 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Good Fair Narrow Oil & Gas - Integrated Energy Statoil ASA STL (XOSL) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! JPMorgan Chase's Buyback Plans Scuttled by London Losses. See Updated Analyst Note from 21 May 2012 Morningstar ! JPMorgan Chase 2012-05-21
Business Risk Stress Test Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Fair Good Narrow Banks Financial Services JPMorgan Chase & Co JPM (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! Humana Sees Higher Medical Costs in 1Q; We Project Ongoing Margin Pressure in Coming Years. Updated Forecasts and Estimates from 21 May 2012 Morningstar ! Humana Sees Higher Medical Costs in 1Q; We Project Ongoing Margin Pressure in Coming Years. Updated Forecasts and Estimates from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Good Good Poor None Health Care Plans Healthcare Humana HUM (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Poor Very Good Narrow Utilities - Regulated Utilities Edison International EIX (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Eaton to Buy Cooper Industries; We View the Price as Fair. See Updated Analyst Note from 21 May 2012 Morningstar ! Eaton to Buy Cooper Industries; We View the Price as Fair. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Good Good Narrow Industrial Products Industrials Eaton Corp ETN (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Good Narrow Utilities - Regulated Utilities Duke Energy Corporation DUK (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Good Very Good Narrow Utilities - Regulated Utilities Dominion Resources Inc D (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Good Narrow Utilities - Regulated Utilities American Electric Power Co Inc AEP (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Very Poor Very Good None Utilities - Regulated Utilities AES Corp AES (NYSE) | BB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Very Poor Very Poor None Utilities - Independent Power Producers Utilities GenOn Energy Inc GEN (NYSE) | B+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Poor Very Good Narrow Utilities - Regulated Utilities Public Service Enterprise Group Inc PEG (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Very Poor Very Poor Narrow Utilities - Regulated Utilities PPL Corp PPL (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Promising 1Q From Mobile TeleSystems. See Updated Analyst Note from 21 May 2012 Morningstar ! Promising 1Q From Mobile TeleSystems. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Poor Fair Good Narrow Communication Services Communication Services Mobile Telesystems OJSC MBT (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Warm Weather Net Positive, but 1Q Results and Updated Outlook Frame Lowe's Multiyear Turnaround. See Updated Analyst Note from 21 May 2012 Morningstar ! Warm Weather Net Positive, but 1Q Results and Updated Outlook Frame Lowe 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Fair Good Wide Retail - Apparel & Specialty Consumer Cyclical Lowe s Companies Inc. LOW (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Very Poor Narrow Utilities - Regulated Utilities FirstEnergy Corp FE (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 Morningstar ! And the PJM Capacity Auction Winner Is: Everyone. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Poor Wide Utilities - Regulated Utilities Exelon Corp EXC (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Campbell Has Yet to Get Consumers to Warm Up to Soup Despite Promotions; Shares Slightly Undervalued. See Updated Analyst Note from 21 May 2012 Morningstar ! Campbell Has Yet to Get Consumers to Warm Up to Soup Despite Promotions; Shares Slightly Undervalued. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Fair Very Good Wide Consumer Packaged Goods Consumer Defensive Campbell Soup Co CPB (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Barclays to Sell Entire Stake in BlackRock; Asset Manager Plans $1 Billion Share Repurchase. See Updated Analyst Note from 21 May 2012 Morningstar ! Barclays to Sell Entire Stake in BlackRock; Asset Manager Plans $1 Billion Share Repurchase. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Good Good Very Poor Wide Asset Management Financial Services BlackRock Inc BLK (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Barclays to Sell Stake in BlackRock. See Updated Analyst Note from 21 May 2012 Morningstar ! Barclays to Sell Stake in BlackRock. See Updated Analyst Note from 21 May 2012 2012-05-21
Business Risk Stress Test Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Good Poor Good None Banks Financial Services Barclays PLC BARC (XLON) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! Packaging Corporation of America stands out for its highly efficient containerboard operations. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! Packaging Corporation of America stands out for its highly efficient containerboard operations. Updated Forecasts and Estimates from 17 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Poor Good Good None Packaging & Containers Consumer Cyclical Packaging Corporation of America PKG (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! ArcelorMittal Sells Certain North American Steel Distribution Assets to Nucor. See Updated Analyst Note from 18 May 2012 Morningstar ! ArcelorMittal Sells Certain North American Steel Distribution Assets to Nucor. See Updated Analyst Note from 18 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Good Good Very Poor Narrow Steel Basic Materials Nucor Corp. NUE (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! National Grid's Full-Year Results Support Continued Growth. See Updated Analyst Note from 18 May 2012 Morningstar ! National Grid 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Good Very Good Narrow Utilities - Regulated Utilities National Grid PLC NG. (XLON) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! DirecTV Posts Solid First-Quarter Results . Updated Forecasts and Estimates from 18 May 2012 Morningstar ! DirecTV Posts Solid First-Quarter Results . Updated Forecasts and Estimates from 18 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Good Good Narrow Communication Services Communication Services DIRECTV DTV (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! Applied Materials' main chip equipment unit has been seeing improved demand from chipmakers. Updated Forecasts and Estimates from 18 May 2012 Morningstar ! Applied Materials 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Good Very Good Very Poor Wide Semiconductors Technology Applied Materials, Inc. AMAT (NAS) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Lack of Favorable Reserve Development Hurts Aetna's First Quarter; Maintaining Fair Value Estimate. Updated Forecasts and Estimates from 18 May 2012 Morningstar ! Lack of Favorable Reserve Development Hurts Aetna 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Fair None Health Care Plans Healthcare Aetna Inc AET (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Long-term thesis intact, although near-term competitive heat might make it a bumpy ride. Updated Forecasts and Estimates from 25 Apr 2012 Morningstar ! Long-term thesis intact, although near-term competitive heat might make it a bumpy ride. Updated Forecasts and Estimates from 25 Apr 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Very Poor Very Good Narrow Communication Services Communication Services Rogers Communications, Inc. RCI.B (TSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! Quest's scale and reach bolster its moat, even though the recovery remains weak. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! Quest 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Poor Very Good Narrow Medical Diagnostics & Research Healthcare Quest Diagnostics Inc DGX (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! ArcelorMittal Sells Certain North American Steel Distribution Assets to Nucor. See Updated Analyst Note from 18 May 2012 Morningstar ! ArcelorMittal Sells Certain North American Steel Distribution Assets to Nucor. See Updated Analyst Note from 18 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Very Poor Narrow Steel Basic Materials ArcelorMittal SA MT (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Protecting a Wide Moat Through Technology: Takeaways From McDonald's Innovation Center Tour. See Updated Analyst Note from 18 May 2012 Morningstar ! Protecting a Wide Moat Through Technology: Takeaways From McDonald 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Fair Fair Very Good Wide Restaurants Consumer Cyclical McDonald s Corporation MCD (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! A specialty retail focus and overseas growth should support growth and expand operating margins. Updated Forecasts and Estimates from 18 May 2012 Morningstar ! A specialty retail focus and overseas growth should support growth and expand operating margins. Updated Forecasts and Estimates from 18 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Fair Very Good Narrow Retail - Apparel & Specialty Consumer Cyclical Limited Brands, Inc. LTD (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Strong Comps For Foot Locker, Raising Fair Value as Apparel and Women's Improves for Long Term. See Updated Analyst Note from 18 May 2012 Morningstar ! Strong Comps For Foot Locker, Raising Fair Value as Apparel and Women 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Poor Poor Good None Retail - Apparel & Specialty Consumer Cyclical Foot Locker Inc FL (NYSE) | BB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! We're Decreasing the Uncertainty Ratings on Many Transportation Stocks. Updated Forecasts and Estimates from 18 May 2012 Morningstar ! We 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Poor Very Good Narrow Transportation & Logistics Industrials FedEx Corporation FDX (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Strength in its core uniform business continues to be the main driver of profitability at Cintas. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! Strength in its core uniform business continues to be the main driver of profitability at Cintas. Updated Forecasts and Estimates from 17 May 2012 2012-05-18
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Good Good Very Good Narrow Retail - Apparel & Specialty Consumer Cyclical Cintas Corporation CTAS (NAS) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! After facing challenges in early fiscal 2012, the second half looks more promising for Tyson. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! After facing challenges in early fiscal 2012, the second half looks more promising for Tyson. Updated Forecasts and Estimates from 16 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Poor Good Poor None Consumer Packaged Goods Consumer Defensive Tyson Foods, Inc. TSN (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Occidental looks to deliver strong future production growth. Updated Forecasts and Estimates from 15 May 2012 Morningstar ! Occidental looks to deliver strong future production growth. Updated Forecasts and Estimates from 15 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Good Very Good Good Narrow Oil & Gas - Integrated Energy Occidental Petroleum Corporation OXY (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Navios Reports First-Quarter Results as Expected; Maintaining Our Fair Value. See Updated Analyst Note from 17 May 2012 Morningstar ! Navios Reports First-Quarter Results as Expected; Maintaining Our Fair Value. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Poor Poor Very Poor Poor None Transportation & Logistics Industrials Navios Maritime Holdings Inc NM (NYSE) | B- Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Hospira should overcome recent operational turmoil. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! Hospira should overcome recent operational turmoil. Updated Forecasts and Estimates from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Good Good Narrow Medical Instruments & Equipment Healthcare Hospira, Inc. HSP (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Poor Very Good Narrow Utilities - Regulated Utilities Edison International EIX (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Good Narrow Utilities - Regulated Utilities Duke Energy Corporation DUK (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Good Very Good Narrow Utilities - Regulated Utilities Dominion Resources Inc D (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Crane should benefit from looming secular tailwinds in its end markets. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! Crane should benefit from looming secular tailwinds in its end markets. Updated Forecasts and Estimates from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Fair Narrow Industrial Products Industrials Crane Company CR (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! We are skeptical of management's profit growth forecasts, but expect good cash flow generation. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! We are skeptical of management 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Fair Fair None Industrial Products Industrials Avery Dennison Corp AVY (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! We expect ASM to see improving near-term business conditions. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! We expect ASM to see improving near-term business conditions. Updated Forecasts and Estimates from 16 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Very Good Fair None Semiconductors Technology ASM International NV ASM (XAMS) | BB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Arrow has good growth potential but operates an a cyclical, low margin industry. Updated Forecasts and Estimates from 13 Mar 2012 Morningstar ! Arrow has good growth potential but operates an a cyclical, low margin industry. Updated Forecasts and Estimates from 13 Mar 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Fair None Computer Hardware Technology Arrow Electronics Inc ARW (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! WellPoint is undervalued despite recent underwriting missteps. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! WellPoint is undervalued despite recent underwriting missteps. Updated Forecasts and Estimates from 16 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Good Good Narrow Health Care Plans Healthcare WellPoint Inc WLP (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Wal-Mart's 1Q Results Ahead of Consensus; Shares Now at Fair Value. See Updated Analyst Note from 17 May 2012 Morningstar ! Wal-Mart 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Poor Fair Very Good Wide Retail - Defensive Consumer Defensive Wal-Mart Stores Inc WMT (NYSE) | AA Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! Improving demand and geographic expansion will drive Valspar's earnings growth. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! Improving demand and geographic expansion will drive Valspar 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Fair Very Good None Chemicals Basic Materials Valspar Corporation VAL (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Good Narrow Utilities - Regulated Utilities American Electric Power Co Inc AEP (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Very Poor Very Good None Utilities - Regulated Utilities AES Corp AES (NYSE) | BB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Advance Auto Reports Tepid 1Q Results and Warns of 2Q Weakness; Long-Term Outlook Remains Positive. See Updated Analyst Note from 17 May 2012 Morningstar ! Advance Auto Reports Tepid 1Q Results and Warns of 2Q Weakness; Long-Term Outlook Remains Positive. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Poor Very Good None Retail - Apparel & Specialty Consumer Cyclical Advance Auto Parts Inc AAP (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! Sears Core Profitability Improves, but Still Needs Improvement; Sale of Canadian Stake Announced. See Updated Analyst Note from 17 May 2012 Morningstar ! Sears Core Profitability Improves, but Still Needs Improvement; Sale of Canadian Stake Announced. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Poor Very Poor Very Poor None Retail - Apparel & Specialty Consumer Cyclical Sears Holdings Corporation SHLD (NAS) | B- Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Very Poor Very Poor None Utilities - Independent Power Producers Utilities GenOn Energy Inc GEN (NYSE) | B+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Poor Very Good Narrow Utilities - Regulated Utilities Public Service Enterprise Group Inc PEG (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Very Poor Very Poor Narrow Utilities - Regulated Utilities PPL Corp PPL (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! We believe Mylan, although powerful, still has room for improvement. Updated Forecasts and Estimates from 17 May 2012 Morningstar ! We believe Mylan, although powerful, still has room for improvement. Updated Forecasts and Estimates from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Good Narrow Drug Manufacturers Healthcare Mylan Inc MYL (NAS) | BB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! A specialty retail focus and overseas growth should support growth and expand operating margins. See Updated Analyst Note from 17 May 2012 Morningstar ! A specialty retail focus and overseas growth should support growth and expand operating margins. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Good Very Good Narrow Retail - Apparel & Specialty Consumer Cyclical Limited Brands, Inc. LTD (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Returning industrial demand helps drive GE's earnings growth. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! Returning industrial demand helps drive GE 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Fair Good Good Wide Industrial Products Industrials General Electric Co GE (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Very Poor Narrow Utilities - Regulated Utilities FirstEnergy Corp FE (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities' Leverage On Display. See Updated Analyst Note from 17 May 2012 Morningstar ! 2015-16 PJM RPM Auction Preview: Mid-Atlantic Utilities 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Very Poor Fair Very Poor Wide Utilities - Regulated Utilities Exelon Corp EXC (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Enbridge and Enbridge Energy Partners Announce $3.2 Billion of Crude Oil Pipeline Expansions. See Updated Analyst Note from 17 May 2012 Morningstar ! Enbridge and Enbridge Energy Partners Announce $3.2 Billion of Crude Oil Pipeline Expansions. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Poor Very Good Poor Narrow Oil & Gas - Midstream Energy Enbridge, Inc. ENB (TSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Enbridge and Enbridge Energy Partners Announce $3.2 Billion of Crude Oil Pipeline Expansions. See Updated Analyst Note from 17 May 2012 Morningstar ! Enbridge and Enbridge Energy Partners Announce $3.2 Billion of Crude Oil Pipeline Expansions. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Poor Very Poor Narrow Oil & Gas - Midstream Energy Enbridge Energy Partners LP EEP (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! Electronic Arts Reports 4Q Results, Weak 2013 Guidance Morningstar ! Electronic Arts Reports 4Q Results, Weak 2013 Guidance 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Very Good Fair Fair Narrow Application SoftwareTechnology Electronic Arts, Inc. EA (NAS) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Cathay General's credit quality is on the mend Morningstar ! Cathay General 2012-05-17
Business Risk Stress Test Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Fair Fair Narrow Banks Financial Services Cathay General Bancorp CATY (NAS) | BB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s Credit
Morningstar ! CP Announces Departure of CEO and Chairman, Holds Shareholder Meeting; Pershing Square Slate Elected. See Updated Analyst Note from 17 May 2012 Morningstar ! CP Announces Departure of CEO and Chairman, Holds Shareholder Meeting; Pershing Square Slate Elected. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Good Narrow Transportation & Logistics Industrials Canadian Pacific Railway Ltd CP (TSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Canadian Natural Resources Seeks JV Partner for South Africa. See Updated Analyst Note from 17 May 2012 Morningstar ! Canadian Natural Resources Seeks JV Partner for South Africa. See Updated Analyst Note from 17 May 2012 2012-05-17
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Good Very Poor Narrow Oil & Gas - E&P Energy Canadian Natural Resources Ltd CNQ (TSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All
Morningstar ! A Fluid First-Quarter 2012 from Xylem Morningstar ! A Fluid First-Quarter 2012 from Xylem 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Good Very Good Narrow Industrial Products Industrials Xylem Inc XYL (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Julius Baer's strong reputation and excellent capital base are helping it expand its reach. See Updated Analyst Note from 16 May 2012 Morningstar ! Julius Baer 2012-05-16
Business Risk Stress Test Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Very Good Good Good Wide Asset Management Financial Services Julius Baer Gruppe AG BAER (XSWX) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Maersk Reports First-Quarter Results. See Updated Analyst Note from 16 May 2012 Morningstar ! Maersk Reports First-Quarter Results. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Poor Very Poor None Transportation & Logistics Industrials A.P. Moller-Maersk MAERSK B (XCSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Xstrata's focus turns from M&A to organic growth. Updated Forecasts and Estimates from 15 May 2012 Morningstar ! Xstrata 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Good Fair None Metals & Mining Basic Materials Xstrata PLC XTA (XLON) | UR Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! UnitedHealth Starts 2012 Off on a Good Foot, Medical Costs Remain Under Control. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! UnitedHealth Starts 2012 Off on a Good Foot, Medical Costs Remain Under Control. Updated Forecasts and Estimates from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Good Good Good Narrow Health Care Plans Healthcare UnitedHealth Group Inc UNH (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Target 1Q Results: EPS Ahead of Consensus, but Even Excluding Canada, Overall EBIT Margins Down. See Updated Analyst Note from 16 May 2012 Morningstar ! Target 1Q Results: EPS Ahead of Consensus, but Even Excluding Canada, Overall EBIT Margins Down. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Poor Fair Good None Retail - Defensive Consumer Defensive Target Corp TGT (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! International Operations Drag on Staples' First-Quarter Results; Weakness Expected to Continue. See Updated Analyst Note from 16 May 2012 Morningstar ! International Operations Drag on Staples 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Poor Good None Retail - Apparel & Specialty Consumer Cyclical Staples, Inc. SPLS (NAS) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Shale-gas infrastructure investment drives earnings growth. Updated Forecasts and Estimates from 15 May 2012 Morningstar ! Shale-gas infrastructure investment drives earnings growth. Updated Forecasts and Estimates from 15 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Very Poor Very Poor Very Poor Narrow Utilities - Regulated Utilities NiSource Inc NI (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! J.C. Penney Swallows Bitter Medicine in 1Q, but We See Evidence of Strategies' Effectiveness. See Updated Analyst Note from 16 May 2012 Morningstar ! J.C. Penney Swallows Bitter Medicine in 1Q, but We See Evidence of Strategies 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Very Poor Fair None Retail - Apparel & Specialty Consumer Cyclical J.C. Penney Co Inc JCP (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####
Morningstar ! Deere Now Sees Higher Net Income, but Lower Cash Flow in 2012. See Updated Analyst Note from 16 May 2012 Morningstar ! Deere Now Sees Higher Net Income, but Lower Cash Flow in 2012. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Good Good Narrow Farm & Construction Machinery Industrials Deere & Co DE (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! CVS Caremark is trading margins for market share in pharmacy benefit management. Updated Forecasts and Estimates from 15 May 2012 Morningstar ! CVS Caremark is trading margins for market share in pharmacy benefit management. Updated Forecasts and Estimates from 15 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Fair Very Good Narrow Retail - Defensive Consumer Defensive CVS Caremark Corp CVS (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Avery Dennison is Flush With Cash, but We Are Skeptical of its Profit Growth Forecasts. See Updated Analyst Note from 16 May 2012 Morningstar ! Avery Dennison is Flush With Cash, but We Are Skeptical of its Profit Growth Forecasts. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Fair Fair None Industrial Products Industrials Avery Dennison Corp AVY (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar s
Morningstar ! Despite numerous setbacks and poor execution, Savient still has a strong product. Updated Forecasts and Estimates from 16 May 2012 Morningstar ! Despite numerous setbacks and poor execution, Savient still has a strong product. Updated Forecasts and Estimates from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Poor Very Poor Very Poor Very Poor None Biotechnology Healthcare Savient Pharmaceuticals SVNT (NAS) | CC Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved
Morningstar ! Saks Reports Solid Quarter, but Slowing Trends Suggest Long-Run Assumptions Could Prove Aggressive. See Updated Analyst Note from 16 May 2012 Morningstar ! Saks Reports Solid Quarter, but Slowing Trends Suggest Long-Run Assumptions Could Prove Aggressive. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Poor Fair Poor Poor None Retail - Apparel & Specialty Consumer Cyclical Saks Incorporated SKS (NYSE) | BB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Post Continues to Hold Back Ralcorp. See Updated Analyst Note from 16 May 2012 Morningstar ! Post Continues to Hold Back Ralcorp. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Fair Poor Very Good None Consumer Packaged Goods Consumer Defensive Ralcorp Holdings, Inc. RAH (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights
Morningstar ! Closing the DOJ Investigation of INFUSE Comes as Good News to Medtronic. See Updated Analyst Note from 16 May 2012 Morningstar ! Closing the DOJ Investigation of INFUSE Comes as Good News to Medtronic. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Good Fair Very Good Very Good Wide Medical Devices Healthcare Medtronic, Inc. MDT (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! Legg Mason Announces Another $1 Billion Buyback Program; Intends to Retire Convertible Debt. See Updated Analyst Note from 16 May 2012 Morningstar ! Legg Mason Announces Another $1 Billion Buyback Program; Intends to Retire Convertible Debt. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Fair Poor Good Fair Narrow Asset Management Financial Services Legg Mason, Inc. LM (NYSE) | BBB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
Morningstar ! GE Capital to Resume Dividend to Parent Company. See Updated Analyst Note from 16 May 2012 Morningstar ! GE Capital to Resume Dividend to Parent Company. See Updated Analyst Note from 16 May 2012 2012-05-16
Business Risk Cash Flow CushionTM Solvency Score Distance To Default Economic MoatTM Industry Group Sector Very Good Fair Good Good Wide Industrial Products Industrials General Electric Co GE (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. Morningstar
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