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Automotive Sector: The Outlook for Credit Quality May 99
Standard & Poors, May 1999
Abstract
Prospects for changes in credit quality among the world's automakers are disparate. There are few situations where material improvement appears attainable within the next few years; in fact, only one company has a positive outlook-- Navistar International Corp., which is a heavy-truck producer. On the other hand, one negative CreditWatch review is pending and several other companies have negative outlooks. Among the U.S.-based players, General Motors Corp. (GM) has significantly underperformed its closest peer, Ford Motor Co., while, in Europe, France-based Peugeot S.A. has lagged Renault S.A. Ratings for GM and Peugeot assume significant improvement in profitability compared with the level of recent years; if this improvement fails to materialize, the ratings could be lowered. Volvo AB will have a...
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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