Industry Report Card: Global Auto Supplier Credit Quality Remains Positive Despite Regional Sales Differences Jan 11
Standard & Poors, January 2011
Abstract
As 2011 begins, auto demand in North America is gaining momentum, Japanese sales are facing a decline because of the end of the "eco-subsidy," and demand in many European markets could be weaker by this year. Sales in key developing markets such as China and India seem likely to continue rising, perhaps at a slower rate though. For example, J.D. Power and Associates (which, like Standard & Poor's, is part of the McGraw-Hill Companies Inc.) estimates 2011 light-vehicle growth at about 10% in China and somewhat less than that in India. Standard & Poor's Ratings Services believes the numerous upgrades we took in 2010 remain appropriate and are supported by industry fundamentals that are, at least for now, better than...
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.
- Cooper Tire & Rubber Co.
- Dana Holding Corp.
- Federal-Mogul Corp.
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Robert Bosch GmbH
- Metaldyne LLC
- Exide Technologies
- Denso Corp.
- Lear Corp.
- Harman International Industries Inc.
- Hayes Lemmerz International Inc.
- Transtar Holding Co.
- Magna International Inc.
- Remy International Inc.
- BorgWarner Inc.
- Penske Automotive Group Inc.
- Accuride Corp.
- FleetPride Corp.
- Sonic Automotive Inc.
- Group 1 Automotive Inc.
- Stoneridge Inc.
- American Axle & Manufacturing Holdings Inc.
- GKN Holdings PLC
- Bridgestone Corp.
- Tenneco Inc.
- Continental AG
- Autoliv Inc.
- Visteon Corp.
- Meritor Inc.
- Shiloh Industries Inc.
- Knorr-Bremse AG
- Compagnie Generale des Etablissements Michelin S.C.A.
- AutoNation Inc.
- MetoKote Corp.
- Asbury Automotive Group Inc.
- Toyota Industries Corp.
- TRW Automotive Inc.
- United Components Inc.
- Aisin Seiki Co. Ltd.
- A.T.U. Auto-Teile-Unger Holding GmbH
- Affinia Group Inc.
- Cooper-Standard Automotive Inc.
- American Tire Distributors Inc.
- Commercial Vehicle Group Inc.
- Europcar Groupe S.A.
- KAR Auction Services Inc.
- Allison Transmission Inc.
- LKQ Corp.
- Mark IV LLC
- TMD Friction Group S.A.
- HHI Holdings LLC
- Tower International Inc.
- Pinafore Holdings B.V.
- Piaggio & C. SpA
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