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What Recovery Ratings Tell Us About The U.S. Auto Sector Jun 11
Standard & Poors, June 2011
Abstract
Prior to its recent general recovery, the U.S. automotive sector, including both manufacturers and suppliers, has been under great stress over the past few years. The recovery has been more pronounced in the auto industry than for the overall corporate industrials sector because of the severity of the stress and the efforts suppliers have made to realign their operations and avoid a similar scenario in the event of future disruptions. Two of the three U.S. auto manufactures have filed and emerged from bankruptcy in recent years, while seven suppliers have filed and eight have emerged (one supplier filed earlier). Standard & Poor's Ratings Services' recovery ratings, which are estimates of a debt issue or loan's recovery prospects in the event...
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.
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