Standard&Poor's said today that its ratings and outlook on DaimlerChrysler AG (BBB+/Negative/A-2) are not directly affected by the company's indication that management expects operating earnings in 2002 to be more than twice the level of €1.3 billion (before special items) earned in 2001. The company's announcement implies that operating earnings in 2002 will be below the range of €5.5 to €6.5 billion that management had targeted previously. However, Standard&Poor's had viewed the previous target as aggressive, and its achievement had not been assumed in the ratings. DaimlerChrysler has also disclosed that management is proposing a substantial reduction to the common dividend, a step that would result in cash savings of more than €1 billion over the
