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Summary: Delphi Corp.
Standard & Poors, March 2004
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Troy, Mich.-based Delphi Corp. reflect its significant scope, product breadth, and global diversity as the world's largest independent supplier of automotive parts, with $28 billion in annual revenues. These factors are partially offset by significant customer concentration, constant price pressures, high labor costs in North America, sizable underfunded employee benefit obligations, and cyclical and competitive end-markets. Previously, a wholly owned subsidiary of General Motors Corp. (GM), Delphi continues to rely on GM for 60% of its sales. Delphi is pursuing a customer diversification strategy that should result in a gradual decline in its reliance on GM. Success in generating additional non-GM business will depend to some extent on Delphi's ability to improve its cost competitiveness. The company...
Companies mentioned in this report are: Delphi Automotive LLP
Delphi Automotive LLP