...Rating Derivation versus Peers Peer Comparison Hubbell is a fraction of the size of two of its key rated competitors -- Eaton Corporation (BBB+/Stable) and ABB Ltd. (A¡/Stable) -- both of which are also more diversified. However, Hubbell is competitive with both companies in the markets it serves. Compensating for its size, Hubbell has wider EBITDA margins at 18% versus 16% for Eaton and 12% for ABB. Also, Hubbell has lower financial leverage, with debt/EBITDA of 1.6x versus 2.6x for Eaton and 1.7x for ABB. Hubbell benefits from its exposure to a variety of end markets, which lends some stability to its results. Parent-Subsidiary Linkage No parent-subsidiary linkage is applicable. Country Ceiling No Country Ceiling constraint was in effect for these ratings. Operating Environment No operating environment influence was in effect for these ratings. Other Factors --...
