Issuer Ranking: Global Automakers, Strongest To Weakest Apr 10

Standard & Poors, April 2010

Abstract
Standard & Poor's Ratings Services believes that profitability for global automakers and truck makers will stay weak in 2010. This is because we expect volumes to recover only moderately globally, and to shrink in the European market, while we expect overcapacity in the industry to remain significant. Increased R&D spending to develop environment-friendlier and smaller cars will also keep margins low. What's more, we assume that government support mechanisms will be weaker this year than in 2009 because only a few countries are continuing to support their car sales with "cash for clunkers" or similar vehicle-buying incentives. The global auto industry is still facing sluggish demand, with the exception of fast-growing emerging markets, such as Brazil, China, and India, where...

Companies mentioned in this report are:
- Ford Motor Co.
- 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.
- Kia Motors Corp.
- Scania (publ.) AB
- MAN SE

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.
- 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.
- Kia Motors Corp.
- Scania (publ.) AB
- MAN SE

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