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Industry Report Card: Recovering Vehicle Sales And Export Demand Should Support Global Automakers? Credit Quality In 2011 Jan 11
Standard & Poors, Jan 2011
Abstract
Improved sales in some developed markets and sustained demand in emerging markets should keep global production volumes and sales in 2011 slightly up on last year, in Standard & Poor's Ratings Services opinion. Global automakers' results for 2010 benefited from better production volumes than we had expected earlier in the year in most markets. We anticipate that recovering light-vehicle sales in the U.S. will keep production volumes up in the first quarter of 2011 compared with 2010, although inventory rebuilding is largely complete. In Europe, however, we expect new registrations to fall slightly on last year, but to continue to benefit from strong export demand, particularly from China, Russia, and Latin America. Meanwhile, the U.S. and European truck markets appear...
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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