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Carmakers Provide for European Vehicle Recycling Costs Aug 02
Standard & Poors, Aug 2002
Abstract
The recent decision by the European Commission to instigate legal action against all EU member states for missing the deadline on implementing new legislation for handling old, end-of-life vehicles (ELVs) has again raised investors' fears over the impact of these measures on Europe's carmakers. From a credit perspective, however, Standard & Poor's does not expect the proposed ELV legislation to have material rating implications on those vehicle manufacturers that have significant operations in Europe--a view first put forward at the turn of the year. (See commentary article entitled 'Europe's Carmakers Prepare for Stringent Vehicle Recycling Legislation,' published on RatingsDirect, Standard & Poor's Web-based credit analysis system, on Jan. 16, 2002.) The long-term aim of EU Directive 2000/53/CE, passed by the...
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
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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