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| Brief Excerpt: | ...Stronger Credit Profiles: Credit profiles have strengthened across the European automotive sector since 2012-2013 and Fitch Ratings expects further modest improvement in 2017-2018. The improvement is due to a combination of favourable conditions in some key markets and the benefit from past fundamental cost-savings undertaken by manufacturers in the face of the latest crises. However, Fitch is also conscious that part of the industry's financial improvement in recent years is due to cyclical factors that should reverse in the short to medium term, in particular when the recovery of new vehicle sales stalls in Europe and the US. Upward Rating Pressure: PSA and JLR have been upgraded to the cusp of investment grade because of our expectations that the continuous improvement of their financial profiles is sustainable. We also believe that JLR, Renault and Volkswagen have significant headroom within their ratings. FCA could be upgraded if we see risks attached to current investigations about... |
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| Company(ies) | STELLANTIS N.V.
, Renault SA
, Mercedes-Benz Group AG
, PEUGEOT SA
, Mercedes-Benz (Thailand) Limited
, Banco Fidis S.A.
, 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 |
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