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Automakers' Slack Financial Discipline Exposed at Investor Forum Jul 01
Standard & Poors, July 2001
Abstract
LONDON (Standard & Poor's CreditWire) July 18, 2001--Price erosion, exacerbated by slack financial discipline, is severely curtailing the liquidity of the world's leading automotive manufacturers--Ford Motor Co. (A/Negative/A-1), General Motors Corp. (GM; A/Negative/A-1), and DaimlerChrysler AG (A-/Negative/A-2). Despite previous protestations that 'cash is king' after the last major industry downturn in 1992-1993, these three players now find themselves facing challenging market conditions with weakened liquidity. This somewhat surprising scenario was revealed to an influential audience of more than 40 delegates at an investor forum held in London on July 16, 2001, by Scott Sprinzen, managing director of Standard & Poor's Corporate Ratings group. Drawing attention to the plight of the big three automakers, Mr. Sprinzen outlined how the industry's fortunes...
Companies mentioned in this report are: Ford Motor Co.,Motors Liquidation Co. (fka General Motors Corp.),Renault S.A.,Daimler AG,Fiat SpA,Peugeot S.A.,Volkswagen AG,BMW AG,CNH Global N.V.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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