Issuer Ranking: Global Automakers, From Strongest To Weakest Dec 06

Standard & Poors, December 2006

Abstract
Standard & Poor's Ratings Services expects 2007 to be challenging for most global automakers, with no let up in the adverse conditions of 2006. In the key, but largely saturated North American, European, and Japanese markets, sales could be softer than in 2006, thereby intensifying competition for market share. Growth expectations for emerging markets are much more robust. Overall, we expect current trends to persist: high competitive pressures, high raw-material costs, largely unfavorable foreign exchange rates for the export-oriented OEMs, and the ongoing need to invest in low-cost countries and in efficiency-improving measures in order to preserve--as far as possible--the overall meager levels of profitability. The 2007 economic outlook, particularly for consumer spending, remains a risk factor. The following list...

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.

- Ford Motor Co.
- Motors Liquidation Co. (fka General Motors Corp.)
- PACCAR Inc.
- AB Volvo
- Renault S.A.
- Nissan Motor Co. Ltd.
- Daimler AG
- Navistar International Corp.
- Honda Motor Co. Ltd.
- Toyota Motor Corp.
- Fiat SpA
- Peugeot S.A.
- Volkswagen AG
- BMW AG
- Tata Motors Ltd.
- Hyundai Motor Co.
- Mitsubishi Motors Corp.
- Suzuki Motor Corp.
- Kia Motors Corp.
- Scania (publ.) AB
- Fuji Heavy Industries Ltd.
- Mazda Motor Corp.

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