On Feb. 27, 2009, Standard&Poor's Ratings Services revised its outlook on German automotive manufacturer Daimler AG to negative from stable. The 'A-/A-2' long- and short-term corporate credit ratings on the group were affirmed. The outlook revision reflects our view on the rapid weakening of most global automotive and commercial-vehicle markets, which we believe heightens the risk of a considerable deterioration of Daimler's operating performance and cash generation to a point no longer commensurate with the current 'A-' rating. In view of our expectation of weak demand, we anticipate Mercedes-Benz Cars and Daimler Trucks will report considerably lower operating profits in 2009 than in 2008. Consequently, we project that Daimler's credit protection measures in 2009, such as funds from
