Risk-to-Price Commentary: Johnson Controls Inc. Jan 11
Standard & Poors, January 2011
Abstract
Total U.S. light vehicle sales reached 12.5 million units in December, which is the highest sales rate seen since August 2009 during the federally sponsored "cash for clunkers" incentive program. Fiscal incentives aside, the latest report on car sales is the strongest result seen since 12.6 million units sold in September 2008 just prior to the peak of the U.S. financial crisis. Total light vehicle sales nonetheless remain below the 14 million to 15 million sales rate that prevailed over the first half of 2008 (see chart 1). The Valuation and Risk Strategies research team views the building recovery in auto sales as ongoing evidence that while U.S. consumer confidence and large ticket purchase activity is gradually normalizing, there remains...
Companies mentioned in this report are:
- Cooper Tire & Rubber Co.
- Ford Motor Co.
- Ford Motor Credit Co. LLC
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Harley-Davidson Inc.
- Ford Holdings Inc.
- Harley-Davidson Funding Corp.
- BorgWarner Inc.
- Tenneco Inc.
- TRW Automotive Inc.
- American Axle & Manufacturing Inc.
- Icahn Enterprises L.P.
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.
- Ford Motor Co.
- Ford Motor Credit Co. LLC
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Harley-Davidson Inc.
- Ford Holdings Inc.
- Harley-Davidson Funding Corp.
- BorgWarner Inc.
- Tenneco Inc.
- TRW Automotive Inc.
- American Axle & Manufacturing Inc.
- Icahn Enterprises L.P.
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