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Criteria | Corporates | Industrials: Key Credit Factors: Criteria For Rating The Global Automaker Industry Oct 10
Standard & Poors, Oct 2010
Abstract
Global production overcapacity; High operating leverage; Volatile end-market demand; Limited end-market pricing power; Labor intensity, with labor usually organized and powerful; The ability to extend or protect retail market share in key markets by offering high quality products desired by customers; The frequency of model replacement and ability to meet shifts, often rapid, in consumer preferences and perceptions, coupled with skills in reducing lead times to develop new vehicles; Complex and evolving regulatory and political environment because of increasingly stringent fuel economy and emissions standards (and costs), related shifts in power trains and automakers' importance to national economies; The ability to limit sales incentives because of brand loyalty and success in differentiating product on the basis of quality, style or...
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,Tata Motors Ltd.,Hyundai Motor Co.,Mitsubishi Motors Corp.,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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