The ratings on Sweden-based Sandvik AB reflect the company's world-leading position as a cemented-carbide tool supplier to the metalworking industry, as well as its strong financial profile. Sandvik holds strong positions in other niches such as tooling systems for metalworking applications, products for rock-excavation operations, and special steel products. At Sept. 30, 2006, Sandvik had adjusted interest-bearing debt of about Swedish krona (SEK) 19.2 billion ($2.6 billion; including estimated unfunded postretirement liabilities and operating leases of SEK3.07 billion and SEK900 million, respectively). Sandvik's position in the industries that it serves is based on a strong technological base; high-quality products with superior customer value; and an efficient distribution network, with a large proportion of sales made directly to the end-user. Overall
