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Industry Report Card: European Automotive Suppliers May 06
Standard & Poors, May 2006
Abstract
Industry conditions will remain tough for European automotive suppliers in 2006. Although the general economic climate is likely to improve, high raw-material costs and oil prices, as well as pricing pressure from OEMs will continue to pose risks. Nevertheless, European auto suppliers rated by Standard & Poor's Ratings Services continue to weather these adverse conditions better than U.S.-based counterparts. This is partly because a larger proportion of European suppliers have investment-grade ratings, with comparably stronger business and financial profiles that enable them to better withstand tough industry conditions. Auto suppliers are strongly dependent on trends in the auto industry, in which demand for new passenger cars remains sluggish in Europe. In 2006, new-car registrations are expected to remain largely at...
Companies mentioned in this report are: Ford Motor Co.,Motors Liquidation Co. (fka General Motors Corp.),Robert Bosch GmbH,Fiat SpA,Volkswagen AG,Inter Auto Parts Italia SpA,GKN Holdings PLC,Rheinmetall AG,Continental AG,Autoliv Inc.,Knorr-Bremse AG,TK Aluminum Ltd.,Tomkins Finance Ltd.,Schefenacker AG,TI Automotive Ltd.,Duerr AG,Piaggio & C. SpA
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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