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Industry Report Card: Enduring Tough Conditions For European Automotive Suppliers Sep 06
Standard & Poors, Sep 2006
Abstract
Standard & Poor's Ratings Services expects the scenario for European automotive suppliers to remain largely unchanged in the last quarter of 2006. Industry conditions are likely to remain tough, mainly for the same reasons as in past months: strong pressure from OEMs, difficult trading conditions, and high raw-material prices, among other factors. In some cases, the intensity and features of these factors show contrasting signals, but it is too early to assess whether we are nearing a change in underlying trends. The number of European automotive suppliers rated by Standard & Poor's has grown in recent months to 14 (see chart 1), with the assignment of ratings to French car rental company Europcar Groupe S.A. (BB-/Stable/--). Four of the 14...
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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