Industry Report Card: Global Automakers Are On Level Ground Despite Economic Bumps Jan 12

Standard & Poors, January 2012

Abstract
Brighter sales prospects in North America and continued healthy growth in emerging markets should underpin global automakers' credit quality over the coming quarters, in Standard & Poor's Ratings Services view. This is despite downside risk in carmaker's operating environment, such as uncertainties in the global economy and capital markets, and in particular a vulnerable outlook for Europe. (Watch the related CreditMatters TV segment titled, "Global Autos And Auto Suppliers 2012: Why Most Ratings Should Hold Up," dated Feb. 7, 2012.) Demand will likely vary by region. A recovery in auto demand in the U.S. should see light vehicle registrations rise above replacement sales for the first time since 2008. Meanwhile, we estimate China's passenger car market will expand by 9%...

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.

- Ford Motor Co.
- PACCAR Inc.
- AB Volvo
- Renault S.A.
- Nissan Motor Co. Ltd.
- Daimler AG
- Navistar International Corp.
- Honda Motor Co. Ltd.
- Toyota Motor Corp.
- Fiat SpA
- Peugeot S.A.
- Volkswagen AG
- BMW AG
- Tata Motors Ltd.
- Hyundai Motor Co.
- Mitsubishi Motors Corp.
- Kia Motors Corp.
- Scania (publ.) AB
- MAN SE
- Chrysler Group LLC
- General Motors Co.
- Jaguar Land Rover PLC
- Aston Martin Holdings (UK) Ltd.

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