North American Auto Supplier Rating Actions Reflect Expected Lower Auto Sales, Production In 2009 Jan 09
Standard & Poors, January 2009
Abstract
On Jan. 9-13, 2009, Standard & Poor's Ratings Services took various rating actions on 17 North American auto suppliers. Most, but not all, of these companies were downgraded and removed from CreditWatch, where they had been placed in late 2008 with negative implications reflecting their exposure to General Motors Corp. (CC/Negative/--), Ford Motor Co. (CCC+/Negative/--), and Chrysler LLC (CC/Negative/--), which have themselves only recently been removed from CreditWatch negative. (For the complete list of affected companies, please see the ratings list below.) In addition to each company's financial risk considerations, the downgrades reflect the beleaguered state of the auto industry globally--characterized by declining sales and production in most major markets--and the resulting negative effect on the suppliers' business risk profiles....
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.
- Dana Holding Corp.
- Federal-Mogul Corp.
- Ford Motor Co.
- Motors Liquidation Co. (fka General Motors Corp.)
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Mark IV Industries Inc.
- Lear Corp.
- Hayes Lemmerz International Inc.
- Magna International Inc.
- BorgWarner Inc.
- Stoneridge Inc.
- American Axle & Manufacturing Holdings Inc.
- Tenneco Inc.
- Visteon Corp.
- Meritor Inc.
- Shiloh Industries Inc.
- MetoKote Corp.
- TRW Automotive Inc.
- Chrysler Group LLC
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