Issuer Ranking: Global Automakers, Strongest To Weakest Jun 10

Standard & Poors, June 2010

Abstract
Conditions appear to be brightening for global automakers as sales in most established auto markets recover from the past two years' steep declines. Yet, the economic recovery is still in a delicate state in many markets, while industry overcrowding, thin profit margins, and heavy R&D budgets to meet tight environmental regulations continue to loom as threats to credit quality, in our view. We believe the strong government support that the auto industry received worldwide through consumer purchase incentives, such as "cash for clunkers" and tax breaks, as well as direct loans and guarantees, helped avert a deeper industry crisis in late 2008 and early 2009. But we think some forms of support may have slowed the pace of consolidation of...

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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