...As the automotive industry has entered one of its deepest crises ever, manufacturers' credit profiles have deteriorated in quite a dramatic way. In light of the unprecedented structural issues facing the industry, Fitch Ratings has taken rating actions, sometimes multiple, on all car manufacturers. The latest rating actions were taken on 24 March 2009, when a portfolio review led to Daimler AG's (Daimler) `BBB+'/`F2' ratings being affirmed but the Outlook revised to Negative from Stable; Fiat S.p.A.'s (Fiat) and Peugeot S.A.'s (PSA) ratings being downgraded to `BB+'/`B' from `BBB'/`F3'); and Renault SA's (Renault) rating being downgraded to `BB' from `BBB'. The Outlooks on Fiat, PSA and Renault are Negative. Volkswagen Group's (`BBB+'/`F2') ratings remain on Rating Watch Negative. In particular, the rating actions reflected Fitch's revised forecasts for European car manufacturers, and expectations for industry contraction over the next two years. These, in turn, are notably impacted by...
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| Report Type: | Special Report
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| Company(ies): | Daimler AG, Renault SA, PSA Peugeot Citroen S.A., Fiat SpA, Nissan Motor Co., Ltd., Volkswagen AG
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| Ticker(s): | F , VOW , 7201 , UG , 13190 , DAI
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| Issuer: | Volkswagen Group
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| Free Sample: |
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| Format: | | PDF |  |
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