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TEXT-S&P summary: BSH Bosch und Siemens Hausgeraete GmbH

(The following statement was released by the rating agency)

Oct 05 - =============================================================================== Summary analysis -- BSH Bosch und Siemens Hausgeraete GmbH -------- 05-Oct-2012 ============================================================================== CREDIT RATING: A/Stable/A-1 Country: Germany Primary SIC: Household appliances, nec =============================================================================== Credit Rating History: Local currency Foreign currency 16-Aug-2010 A/A-1 A/A-1 25-May-2004 A-/A-2 A-/A-2 =============================================================================== Rationale

The ratings on Germany-based household appliances manufacturer BSH Bosch und Siemens Hausgeraete GmbH (BSH) are underpinned by Standard & Poor's Ratings Services' assessment of the group's "strong" business risk profile and its "modest" financial risk profile.

Our assessment of business risk reflects BSH's large industrial size, which enables economies of scale; its leading position in the European and Chinese domestic appliance markets; and its strong brand portfolio, with a mid- to high-end price position. We also view positively the group's track record of generating high and stable operating margins, and its ability to withstand volatility in raw material costs. We believe that BSH's ability to manage pricing and product mix rests on its strong product development capabilities.