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| Brief Excerpt: | ...Stable Sector Outlook: Fitch Ratings' stable outlook on the European automotive sector reflects our expectations for a modest increase in global new vehicle sales, including further moderate growth in Europe, leading to further solid key credit metrics in 2017. Challenges to the outlook include uncertainties about sales development in large markets such as the US, the UK and China, and potential calls on cash flows, including a gradual increase in investments, in particular related to powertrain development and new mobility trends. Positive Rating Outlooks: The recent upgrades of Peugeot S.A. (PSA, BB+/Stable) and Jaguar Land Rover Automotive plc (JLR, BB+/Stable) and Outlook changes to Positive on Fiat Chrysler Automotives N.V. (FCA, BB-/Positive) and Renault SA (BBB-/Positive) illustrate manufacturers' strong credit profiles and rating headroom, as well as positive prospects in terms of revenue growth and earnings stability. Only Volkswagen AG (BBB+/Negative) has a Negative Outlook in... |
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| Report Type: | |
| Company(ies) | Renault SA
, Volkswagen AG
, Mercedes-Benz Group AG
, PEUGEOT SA
, Mercedes-Benz (Thailand) Limited
, MERCEDES-BENZ FINANCE CANADA INC.
, Mercedes-Benz South Africa (Pty) Ltd.
, AYVENS BANK NV
, Fiat Chrysler Finance Europe SENC
, Mercedes-Benz International Finance B.V.
, Daimler Mexico S.A. de C.V.
, MERCEDES-BENZ FINANCE NORTH AMERICA LLC
, Jaguar Land Rover Automotive PLC
, Mercedes-Benz Australia/Pacific Pty Ltd
, Mercedes-Benz Japan Co., Ltd.
, Volkswagen Finance Private Limited
, MERCEDES-BENZ FINANCIAL SERVICES INDIA PRIVATE LIMITED
, Volkswagen International Finance N.V.
, Banco Mercedes-Benz Do Brasil S.A
, Volkswagen Bank RUS LLC |
| Ticker(s) | DAI
, EO
, RNO
, UG
, VOW3 |
| Issuer | Volkswagen Group |
| Format: | | PDF |  |
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