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S&P Credit Research2610 word report
published Apr 22, 2009
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S&P Credit Research
| Abstract: | European auto markets are taking a battering from the ongoing economic slowdown. The collapse in domestic car sales since the summer of 2008 and the crash in export markets leads Standard&Poor's to expect a dramatic slump in production that could last three years. What's more, structural changes in car use indicate that sales may not fully recover. The decline in new car sales in Europe has been swift and painful for the automakers. According to the European Automobile Manufacturers Association (ACEA), passenger car sales in the EU averaged between 16.7 million and 17.7 million per year over the past 10 years. But from the summer of 2008, sales at first fell from that range before plummeting in the
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| Brief Excerpt: | RESEARCH Ratings Definitions Economic Research: Recession And Demographic Changes Are Hitting Europe's Auto Markets Hard Publication date: 22-Apr-2009 Economist: Jean-Michel Six, Paris (33)-1-44-20-67-05; jean-michel_six@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
