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North American Automotive Suppliers on the Long Road to Prosperity Feb 04
Standard & Poors, February 2004
North American automotive suppliers have suffered from a variety of industry pressures during the past year, including reduced vehicle production schedules, intense price pressure, weak aftermarket demand and pricing, new program launch costs, higher labor and employee benefit costs, higher raw material costs, and market-share shifts away from domestic vehicle manufacturers. In addition, the ongoing need to integrate acquisitions that have occurred during the past few years, high fixed-cost structures, costly restructuring programs, and constrained liquidity have hurt some suppliers. These factors have weakened overall credit quality in the sector, and several rating changes have resulted. From Jan. 1, 2003, through Feb. 18, 2004, Standard & Poor's downgraded 11 auto suppliers (several companies were downgraded more than once), and upgraded...
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.
- Collins & Aikman Corp.
- Dana Holding Corp.
- Federal-Mogul Corp.
- Ford Motor Co.
- Motors Liquidation Co. (fka General Motors Corp.)
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Snap-on Inc.
- Daimler AG
- Exide Technologies
- Lear Corp.
- Hayes Lemmerz International Inc.
- Magna International Inc.
- BorgWarner Inc.
- LDM Technologies Inc.
- Oxford Automotive Inc.
- Advanced Accessory Systems LLC
- MSX International Inc.
- Stoneridge Inc.
- Delphi Automotive LLP
- Standard Motor Products Inc.
- Tenneco Inc.
- Visteon Corp.
- Meritor Inc.
- Plastech Engineered Products Inc.
- American Axle & Manufacturing Inc.