Global reach, wide product diversification, a strong brand name, and several world-leading market positions Strong positions in stable, cash-generative businesses such as medical systems and lighting Solid financial flexibility The volatile profitability of the seasonal and competitive consumer electronics sector Weak operating performance of certain divisions and geographic markets, owing to deteriorating global economic conditions The ratings on the Netherlands-based diversified technology group Koninklijke Philips Electronics N.V. (Philips) reflect its global reach and wide product diversification, combined with a strong brand name and several world-leading market positions. They are supported by the group's strong positions in stable cash-generative businesses such as medical systems, lighting, domestic appliances, and personal care. The ratings are constrained by Philips' exposure to the cyclical and
