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Allison Transmission Inc.
Standard & Poors, March 2010
Abstract
Good profitability Strong market shares Fair diversity among truck, bus, off-highway, and military markets Highly leveraged balance sheet Cyclical and currently very weak commercial-truck demand Limited geographic diversity High fixed costs The ratings on Indianapolis-based Allison Transmission Inc. reflect the company's highly leveraged financial risk profile, which in Standard & Poor's Ratings Services' view overshadows the company's good profitability and strong market shares as the leading U.S. supplier of automatic transmissions for commercial vehicles. We consider Allison's business risk profile to be fair, reflecting its good market position but also the highly cyclical North American commercial-vehicle supplier business. For 2010, we assume that North American commercial-vehicle demand will improve by about 10% compared to 2009 levels, although this rise pales...
Companies mentioned in this report are: Allison Transmission Inc.
Action: Review
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: Full Analysis
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