Global reach, wide product diversity, strong brand name, and several world-leading market positions. Strong positions in stable, fairly cash-generative businesses, such as medical systems. Exposure to the effects of some cyclicality. Profitability metrics that have been historically volatile and lower than those of peers. Ability to generate significant recurring cash flows. Strong liquidity and financial flexibility. Ability to access different financing sources. Historically somewhat volatile free cash flow generation due to significant swings in earnings and working capital patterns. The stable outlook on Netherlands-based diversified technology group Koninklijke Philips N.V. reflects our view that over the next two years the group's key financial ratios will likely remain above levels we consider commensurate with the current ratings. These include funds from
