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Auto Suppliers: The Outlook for Credit Quality May 99
Standard & Poors, May 1999
Abstract
The auto supply market has experienced increased ratings activity during the past three years as the industry has undergone a major consolidation boom. The need to acquire systems capabilities and achieve a global presence has prompted many firms in the industry to buy, merge with, or invest in other companies. Given these increased investment requirements and generally favorable end-use markets, automotive suppliers have been accessing the debt markets in record numbers, including many first-time debt issuers. Since the beginning of 1998, Standard & Poor's has assigned ratings to 14 new issuers in the sector, including Delphi Automotive Systems Corp. and Meritor Automotive Inc., former divisions of General Motors Corp. (GM) and Rockwell International Corp., respectively. Delphi, which is being spun...
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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