World-leading position in core businesses High-quality products and technological leadership Diversified production and sales, including an increasing share of service and aftermarket sales Strong funds from operations and modest capital expenditure needs Exposure to cyclical demand for products Exposure to raw material price fluctuations Relatively high debt levels The ratings on Sweden-based tool and mining equipment manufacturer Sandvik AB reflect the company's strong business risk profile, based on its world-leading position as a cemented-carbide tool supplier to the metalworking industry, as well as strong positions in other niches, such as tooling systems for metalworking applications, products for rock-excavation operations, and special steel products. Good pricing power, high operating efficiency and flexibility, and good geographical and customer segment diversification further support
