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Motability Operations Group PLC May 11
Standard & Poors, May 2011
Abstract
Business and financial profiles tangibly benefit from close and long-standing relationship with government-related body. Extremely low exposure to credit risk. Sound recurring income-generation capacity. Very strong capitalization. Business and geographic concentration in the U.K. car leasing business. Structurally elevated residual value risk. Purely wholesale-funded profile, although with access to committed lines from banking shareholders and success in accessing debt capital markets. The ratings on U.K.-based leasing company Motability Operations Group PLC (MO Group) primarily reflect the tangible benefits the company receives from its long-standing and close relationship with a government body of the United Kingdom (AAA/Stable/A-1+), the Department for Work and Pensions (DWP; not rated), through a service agreement with a charity called Motability (not rated). Standard & Poor's Ratings...
Companies mentioned in this report are: Motability Operations Group PLC
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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