Harley-Davidson Inc. Upgraded To 'BBB+' On Rising Shipments And Sales Jan 12
- ID: 2045872
- January 2012
- Standard & Poors
U.S. motorcycle manufacturer Harley-Davidson reported 10.7% growth in worldwide motorcycle shipments in 2011, along with a 5.9% increase in retail sales and solid performance from Harley-Davidson Financial Services (HDFS). We expect demand in the retail channel to support management's plan for modest growth in shipments in 2012. We are raising our corporate credit rating on Harley-Davidson, along with all issue-level ratings, to 'BBB+' from 'BBB', affirming our 'A-2' short-term rating on the company, and removing all ratings from CreditWatch. The stable rating outlook reflects our expectation that modest growth in motorcycle shipments in 2012, margin growth stemming from ongoing manufacturing improvements, and sustained improved underwriting standards at HDFS will result in credit measures remaining supportive of the rating. NEW YORK...
Companies mentioned in this report are:
- Harley-Davidson Inc.
- Harley-Davidson Funding Corp.
- Harley-Davidson Financial Services
- Harley-Davidson Credit Corp.
Action: On CreditWatch:Positive
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