...Rating Derivation Versus Peers Peer Comparison Hubbell is a fraction of the size of two of its key rated competitors -- Eaton Corporation plc (BBB+/Positive) and ABB Ltd. (A¡/Stable) -- both of which are also more diversified. However, Hubbell is competitive with both companies in its markets. Compensating for its size, Hubbell has wider EBITDA margins at 18% versus 16%¡17% for Eaton and 12%¡13% for ABB. Following the Aclara acquisition, Hubbell has higher financial leverage, though it is expected to improve over the medium term to a level that is lower than Eaton's debt/EBITDA, which is mid-2x, but higher than that of ABB, which is mid-1x. Hubbell benefits from its exposure to a variety of end markets, which has lent 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...
