Global reach, wide product diversity, strong brand name, and several world-leading market positions. Solid positions in stable, fairly cash-generative businesses, such as medical systems. Exposure to some cyclicality. Profitability metrics that have been historically volatile and lower than those of peers. Ability to generate sizable recurring cash flows. Strong liquidity and financial flexibility. Access different financing sources. Historically somewhat volatile free cash flow generation due to significant swings in earnings and working capital patterns. Standard&Poor's Ratings Services' outlook on Netherlands-based diversified technology group Koninklijke Philips N.V. is negative. The outlook reflects our view that there is some risk that, following the planned separation of the group's lighting sector, Philips' credit profile may no longer benefit from the same
