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An Uneven Road For European Auto Sales Mar 06
Standard & Poors, March 2006
Abstract
Consumer demand fundamentals are moderately supportive for European auto markets in 2006, with the exception of the U.K., where factors such as high household debt levels and a rising tax burden are likely to weigh on new registrations. Beyond 2006, long-term demographic stagnation will curb potential growth in the auto market, although its initial effects will be uneven, as populations continue to expand in countries such as Spain and Ireland, and incomes in the poorer EU members catch up with the rest. The European passenger car market declined by 0.7% in 2005. The EU-15 and European Free Trade Association countries posted only a slight decline of 0.2% and 1.6%, respectively, but sales in the new EU-10 member countries, which showed...
Companies mentioned in this report are: France (Republic of) (Unsolicited Ratings),United Kingdom (Unsolicited Ratings),Renault S.A.,Spain (Kingdom of),Germany (Federal Republic of) (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),Daimler AG,Ireland (Republic of),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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