The Credit Overhang: Implications For The Global Automotive Sector Of A Hard Landing In China May 12
Standard & Poors, May 2012
Abstract
With China's dominance in the global economy increasing, any setback in its domestic economy could reverberate throughout the world. Standard & Poor's Ratings Services believes three sectors are vulnerable to a hard landing in China: the automotive, capital goods, and technology hardware sectors. But of these three, we believe the automotive sector would not be affected, from a credit rating standpoint, as badly as the other two sectors. Standard & Poor's Ratings Services believes the automaker and auto component sectors in the U.S., Europe, and Asia (outside China) would have limited credit risk in a hard economic landing in China of one year or less, despite some companies' significant sales exposure to the world's largest auto market. Ratings on some...
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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- Cooper Tire & Rubber Co.
- Dana Holding Corp.
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- Ford Motor Co.
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Northrop Grumman Systems Corp.
- Mark IV Industries Inc.
- Renault S.A.
- Robert Bosch GmbH
- Nissan Motor Co. Ltd.
- Daimler AG
- Honda Motor Co. Ltd.
- Toyota Motor Corp.
- Fleetwood Enterprises Inc.
- Metaldyne LLC
- Exide Technologies
- Denso Corp.
- Fiat SpA
- Lear Corp.
- Bandag Inc.
- Peugeot S.A.
- Nissan North America Inc.
- Volkswagen AG
- Volkswagen Group Services S.A.
- BMW AG
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- Stanley Electric Co. Ltd.
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