...July 9, 2021 - On July 1, 2021, German truck manufacturer, TRATON SE completed the acquisition of Navistar International Corp., giving it direct access to the American truck market. - TRATON has strong ties with its parent Volkswagen AG (VW) and we do not expect VW to reduce its stake in TRATON below 75%. Therefore, we view it as a highly strategic subsidiary of the VW group. - Even though the acquisition will cause TRATON's adjusted debt to spike to about 8.0 billion-8.5 billion in 2021 (from about 3.0 billion in 2020), this has a neutral impact on its rating and we affirmed our '###' long-term issuer credit rating on TRATON based on our expectation of group support. - The stable outlook on TRATON mirrors that on VW, which owns 89.7% of the company. MILAN (S&P Global Ratings) July 9, 2021--S&P Global Ratings today took the rating actions listed above. TRATON's debt-financed acquisition of U.S.-based truck manufacturer Navistar will give it direct access to the U.S. truck market. That said,...
