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BMW AG
Standard & Poors, May 2011
Abstract
Leading manufacturer in the luxury auto segment, which historically has faced less price competition and higher average profitability than the volume auto segment. Broad geographic diversification. Strong track record of successful products. Conservative financial policy, evident in historically low leverage, a strong focus on free cash flow generation, and low dividend payments. Highly volatile demand and profitability in the auto sector. Stringent environmental requirements, which challenge product development. The ratings on Germany-based automaker BMW AG reflect Standard & Poor's Ratings Services' view of the group's strong business risk profile and modest financial risk profile. The strong business risk profile is supported by BMW's competitive position as a luxury auto manufacturer, its global brand recognition, and diversified geographic operations. These strengths...
Companies mentioned in this report are: BMW AG,BMW Australia Finance Ltd.
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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