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Recovery In Demand Gives Global Automakers A Boost, But Problems Continue Jun 10
Standard & Poors, June 2010
Abstract
The steep economic downturn of the past two years tested the foundation of the global automaker industry, as many of the world's major markets experienced their biggest declines in demand in decades. The downturn was most pronounced in North America, Europe, and Japan; the growing markets of Brazil and China were affected to a lesser extent. Standard & Poor's Ratings Services believes that since last fall, the business and financial environments globally have improved. We believe all automakers, and most suppliers, are better-positioned this year to benefit from a slow recovery in demand thanks to aggressive cost-cutting and government support that helped the industry avoid even greater financial disarray. Although some industry participants are optimistic about a smooth recovery to...
Companies mentioned in this report are: Ford Motor Co.,Renault S.A.,Nissan Motor Co. Ltd.,Daimler AG,Honda Motor Co. Ltd.,Toyota Motor Corp.,Fiat SpA,Peugeot S.A.,Volkswagen AG,BMW AG,Hyundai Motor Co.,Kia Motors Corp.
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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