Harley-Davidson Inc. Downgraded To 'BBB+'; Outlook Stable - 2009/01/16 - S&P Credit Research

Report title: Harley-Davidson Inc. Downgraded To 'BBB+'; Outlook Stable

from S&P Credit Research
662 word report published Jan 16, 2009

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Abstract:

CHICAGO (Standard&Poor's) Jan. 15, 2009--Standard&Poor's Ratings Services said today it lowered its long-term corporate credit rating on motorcycle manufacturer Harley-Davidson Inc. to 'BBB+' from 'A'. We removed the rating from CreditWatch, where it was placed with negative implications on Nov. 19, 2008. The outlook is stable. At the same time, we affirmed the 'A-2' short-term corporate credit rating on subsidiaries Harley-Davidson Financial Services (HDFS) and Harley-Davidson Credit Corp. (HDCC), and the 'A-2' commercial paper (CP) rating on Harley-Davidson Funding Corp. (HDFC). "The downgrade is based on our concerns about the motorcycle market in the near-to-intermediate term against the backdrop of the recession," said Standard&Poor's credit analyst Andy Liu. For the first nine months of

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RESEARCH Ratings Definitions Harley-Davidson Inc. Downgraded To '###+'; Outlook Stable Publication date: 16-Jan-2009 Primary Credit Analyst: Andy Liu, CFA, Chicago (1) 312-233-7052; andy_liu@standardandpoors.com Secondary Credit Analyst:...

Report Type:

Ratings Action

Ticker:

HDI

Issuer:

Harley-Davidson Inc.

GICS:

Motorcycle Manufacturers (25102020)

Sector:

Corporations, Global Issuers, Media & Entertainment

Country:

United States

Region:

United States

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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.

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