Daimler AG http://www.alacrastore.com/company-snapshot/Daimler_AG-1004617 Saturday, October 11, 2008 9:36:01 PM 1004617 Daimler AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/675762spcred/675762normThe latest News from S&Pglobalstructured10/8/2008 3:36:17 PM100News675762GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaPacificUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAutomotiveCapital GoodsNewsNEW YORK (Standard&Poor's) Oct. 8, 2008--Standard&Poor's Ratings Services today said it has revised its outlook on German automotive manufacturer Daimler AG to stable from positive and affirmed the 'A-/A-2' long- and short-term corporate credit ratings on the group. "The outlook revision reflects the rapidly weakening state of most global automotive markets," said Standard&Poor's credit analyst Maria Bissinger, "which makes a rating upgrade in the next 12 to 18 months increasingly unlikely. We are unable to see how the global auto industry will fare in 2009." The outlook revision is not specifically related to third-quarter earnings. In view of this environment, Mercedes-Benz Cars' (MBC) ambitious EBIT margin target of 10% in 2010 has become moreDEU23382925102010 251020 2510 25Daimler AG107142ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSADCX@GRNEWSGLOBISSSTRUCFICORPABSCDOAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675763spcred/675763normThe latest Research Update from S&Pglobalstructured10/8/2008 3:36:00 PM175Research Update675763GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaPacificUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAutomotiveCapital GoodsResearch UpdateOn Oct. 8, 2008, Standard&Poor's Ratings Services revised its outlook on German automotive manufacturer Daimler AG to stable from positive and affirmed the 'A-/A-2' long- and short-term corporate credit ratings on the group. The outlook revision reflects the rapidly weakening state of most global automotive markets, which makes a rating upgrade in the next 12 to 18 months increasingly unlikely. We are unable to see how the global auto industry will fare in 2009. The outlook revision is not specifically related to third-quarter earnings. In view of this environment, Mercedes-Benz Cars' (MBC) ambitious EBIT margin target of 10% in 2010 has become more challenging since the company reduced its full-year 2008 guidance to an EBIT margin of 8%.DEU23382925102010 251020 2510 25Daimler AG107142ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSADCX@GRRESUPDJPNUSAAUS2338E02338E12338E62338E7J10299U233952338E82338E923383523383F2338E425102010 251020 2510 25Daimler North America Holding Corp.Mercedes-Benz Australia/Pacific Pty Ltd.Daimler Japan Ltd.Daimler Finance North America LLC117894333376339253424082ASIAEUROMIDAFRPACUSA3143Z1283ZDCJHZ@JPGLOBISSSTRUCFICORPABSCDOAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/55552cs/55552norm Automotive and Capital Goods: Annual OPEB Study We release our annual OPEB study while also taking a look at the dominant variables in the OPEB picture, some bellwether legal battles, and how this all sets the stage for a wild finish...555528024YesD0Article20562213812020559551342154147580749142121205212250344812794185520544653649118131689281194720445corp/reportshy26123Pensions51LBO5Structural Subordination76Recovery Rates90Covenants43Litigation34Companies with Convertibles33Capital Structure42High Yield55Bankruptcy49M&A Activity54Euro Markets Issuers10/8/2008 12:06:58 PM150We look at some OPEB legal battles and frame the relative exposure across the autos and cap goods in our annual OPEB study. Bottom line: there is still too much oversimplification of OPEB risk going on.55552Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74186cs/74186norm Autos and Manufacturing: #H September Short Interest Report In the most recent measurement period, less than half of the names recorded an increase in SI levels with the rise in short interest being focused on the diversified industrial...741861753YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/25/2008 10:05:54 PM150This measurement period for short interest ceased to be relevant the day Lehman filed after the measurement deadline, but there are still some interesting trends before and since across some key names.74186Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73735cs/73735norm Autos and Manufacturing: #H August Short Interest Report Solid #H August stock returns and the decline in short interest are probably tied more to a slide in oil prices rather than any cyclical excitement or any signs of a turnaround...737351535YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/3/2008 11:06:00 PM150Short interest numbers swing back in 1H Aug and inflict some pain on the shorts. The across-the-board weakness subsequent to the measurement period dulls excitement for the longs around a short squeeze and fundamentals remain under the gun.73735Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73222cs/73222norm Autos and Manufacturing: #H July Short Interest Report After a stretch of extreme pain, a nice favorable drift in the short interest numbers was reported. Short interest shows hints of a reprieve for autos (for now) during this last...732221848YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest8/15/2008 12:06:42 AM150The short interest numbers showed some rare relief for the auto and discretionary consumer cap goods names as did the stock returns across the group. Since fundamentals are hardly turning, oil appears to be the main driver for now.73222Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_160638_96038moodys/PR_160638_96038htmlGlobal Credit Research Announcement # AUG #### Announcement: Bayerische Motoren Werke Aktiengesellschaft Moody's: Accounting Disclosures by Europe's Auto Manufacturers Reveal Constraints on Comparability London, ## August #### -- In...8/8/2008 12:42:15 AMhtmlBayerische Motoren Werke AktiengesellschaftRenault S.A.MAN AGFiat S.p.A.Peugeot S.A.Daimler AGAB VolvoVolkswagen AktiengesellschaftAB Volvo; Bayerische Motoren Werke Aktiengesellschaft; Daimler AG; ...96038639502600048550277750258621970017000146500150.0000NewsAnnouncementPR_160638_96038Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/428637_pr_framefitch/428637_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AB ElectroluxAB VolvoAir Liquide S.A.Akzo Nobel N.V.Arcelik A.S.BAE Systems plcBASF SECemex Espana S.A.Ciba Holding Inc.Cognis GmbhCompagnie Financiere Michelin (CFM)Continental AGCRH plcDaimler AGEurochem Mineral And Chemical Company JscEuropean Aeronautic Defence and Space Co., (EADS)Fiat SpAFinmeccanica SpAFord Otosan A.S.GKN Holdings plcHeidelbergCement AGHolcim LtdKazanorgsintez JSCKoninklijke DSM N.V.Lafarge S.A.Lanxess AGLyondellBasell Industries AF S.C.ANizhnekamskneftekhimOAO Kontsern StirolPetkim Petrokimya Holding A.S.Pfleiderer AGPSA Peugeot Citroen S.A.Renault SARhodia S.A.Robert Bosch GmbHRolls Royce Group plcSABIC Europe BVSaint Gobain S.A.Saudi Basic Industries Corporation (SABIC)SIBUR Holding OJSCSolvay SAThales S.A.Vestel Elektronik Sanayi ve TicaretVolkswagen AG80090305803595788035994380360000803602128036051580360517803605248036070880360751803611538036126680361286803612888036133980361368804609688050441880506592806221928063842281023431819133198207994882291694823062948250791682557725828287258303273183209014832242718325412083309480834888718361246583746465837718658383786583942865839596668401726984667073847482708/7/2008 2:20:00 PM01000000010300000103060001030900010309010103110001031300010313010103130201031400010315000103170385Press Release012053131902010AIAKZAARCLKBABASCIBNCONCRHDAIDSMEADELUX BFFNCHEIHOHOLNKZOSLXSNKNCPETKMPFD4RHARRSGOSOLBSTIRUGVESTLVOLV AVOW428637_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428582_pr_framefitch/428582_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Compagnie Financiere Michelin (CFM)Continental AGDaimler AGFiat SpAGKN Holdings plcPSA Peugeot Citroen S.A.Renault SARheinmetall AGRobert Bosch GmbHVolkswagen AG80359578803602128036136880417179804609688062219280638422819449198303273183224271834888718/7/2008 10:21:00 AM01000000010300000103130001031301010313020103150085Press Release13190CONDAIFRHMUGVOW428582_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/72313cs/72313norm Autos and Manufacturing: #H July Short Interest Report The short interest keeps spiking for auto and manufacturing leaders and the negative stock returns keep on rolling in. AXL and Brunswick break through into that rarified air of...1385038121221378521228412045211411411421218014434455214074946185544511999764979453118131666813513414891365447820133corp4254Euro Markets Issuers59Short Interest7/29/2008 11:07:00 PM1501H July short interest numbers adequately reflect the ugly state of affairs in the market with SI levels of the leaders breaking above prior highs and a few all-time records across the group. AXL at almost 36% of float is an eye opener.1462YesD0Article9957231372313Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/4463cs/4463norm Health Care Costs: High Fever Still ▪ Health benefit costs increased ##.#% in ####, the largest increase since ####, and are expected to rise in the ##% range in ####▪ Large health cost increases in a weakening economy have...10583934Companies with Convertibles14Regulatory Matters7/25/2008 4:06:04 PM150Health benefit costs increased 14.7% in 2002, the largest increase since 1990, and are expected to rise in the 14% range in 2003. Escalating health care costs remain a particular threat for mature, unionized cyclicals.44631822YesD0Article780454343335634517825065006408803325312056562472044142289221205522519corp14463Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/661518spcred/661518normThe latest Summary from S&Pglobalstructured7/25/2008 8:21:15 AM175Summary661518GermanyAutomobile ManufacturersAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaPacificUnited StatesGlobal IssuersStructured FinanceCollateralized Debt ObligationsFinancial InstitutionsCorporationsAsset-Backed SecuritiesAutomotiveCapital GoodsSummaryThe ratings on German automaker Daimler AG reflect the broad product and geographic scope of the group's operations, and the progress it has made since the separation of the Chrysler LLC (B/Watch Neg/--) unit one year ago. They also reflect the turnaround in recent years at the Mercedes Car Group (MCG), which enjoys a leading share of the global luxury vehicle market. Nevertheless, we believe that MCG's ambitious EBIT margin target of 10% in 2010 has become more challenging since the company reduced its full-year 2008 guidance to an EBIT margin of 8%, and visibility into 2009 is opaque sectorwide. MCG generated an EBIT of €2.4 billion in first-half 2008, representing a profit margin of 9.3%. In second-half 2008, StandardDEU23382925102010 251020 2510 25Daimler AG107142ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSADCX@GRSUMMARYGLOBISSSTRUCCDOFICORPABSAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71977cs/71977norm Autos: Summer of Our Discontent Part # With asset price swings across the auto complex having eclipsed #### and now reminding us of the great #H-#### Chrysler swoon, we look at the key drivers of the fundamental risk story and where...92238668955corphy254Euro Markets Issuers42High Yield7/22/2008 11:07:00 PM150We start a multi-part series on the moving parts of the auto story from justifiable worries to utter neuroses and from the macro to micro level. Are flashbacks to any of 1979, '82, '91, or '05 the right ones? Or is this an all-new game?7197714459YesD0Article50368381212222205512020568055375912110187127497309048922011913166491185492171977Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71746cs/71746norm Autos and Manufacturing: #H June Short Interest Report The Top ## short interest names all posted negative stock returns for the measurement period, with # of ## in negative double-digit range. The auto equity picture was pretty grim...717461395YesD0Article99513850344451378521228412021141141142121805521443749116614046185544511999764979453118131613513454148913620813347corp4254Euro Markets Issuers59Short Interest42High Yield7/16/2008 10:06:09 PM150Another rough ride for the auto & consumer durable sectors in terms of equity performance is also evident in some concentrated short interest increases across the OEM & supplier chain. AXL retakes the lead from BC with GM hot on its trail.71746Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/392570_report_framefitch/392570_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Daimler AG806221927/10/2008 10:14:00 AM01031300010300000100000001031301425Full Rating ReportDAI392570_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/71235cs/71235norm June Auto Sales: Barely Above Replacement Demand Dismal June auto sales numbers were not surprising given the backdrop of a slowing US economy, record oil prices, tight consumer credit, defensive dealers, and a general consumer backdrop...June numbers were not as ugly as expected but pretty close and still hideous. GM surprised the market with relatively broad-based retail strength and gave the shorts a short-lived squeeze that quickly eased off as the day wore on.712352733YesD0Article553683712222021corp27/2/2008 12:07:00 AM15071235Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PBC_109712moodys/PBC_109712pdf...Daimler AG (A#/P-#/Positive Outlook), headquartered in Stuttgart, Germany, comprises the following activities: ... 7/1/2008 12:14:32 PMpdfDaimler AGDaimler AG219700300.0000AnalysisAnalysisPBC_109712Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/71008cs/71008norm Autos and Manufacturing: #H June Short Interest Report The shorts had another good stretch as # of the Top ## companies recorded negative stock returns greater than the #.#% drop seen at the S&P ### Index over the same time frame with...454Euro Markets Issuers42High Yield59Short Interest6/30/2008 12:06:00 AM150Results got even uglier (and the shorts happier) after the measurement period. Most of the Top 10 posted stock declines greater than the S&P 500 in 1H June, with ARM being the exception, and BC continues to be the most heavily shorted name.710082149YesD0Article9951385038121221378521228412045211411411421218014434455214074946185544511999764979453118131647668135541489136820133134corp271008Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/424542_pr_framefitch/424542_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Daimler AG806221926/24/2008 10:15:00 AM0100000001030000010313000103130185Press ReleaseDAI424542_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/424102_pr_framefitch/424102_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Daimler AGDaimler Canada Finance, Inc.Daimler Coordination Center SCSDaimler North America CorporationDaimlerChrysler UK Holdings80622192810720318107203881072045810724316/17/2008 2:16:00 PM010000000101020601030000010313000103130185Press ReleaseDAI424102_pr_frameCredit & Investment ResearchFitch Research