...- We expect Daimler AG's EBITDA margin to remain below 10% at least until 2021, and we expect its free cash flow generation to be weak in 2019 and 2020. - In addition, we believe Daimler remains exposed to multiple headwinds, including execution risks on its ambitious cost-restructuring program, geopolitical risks on global trade, diesel-related litigation, and challenging carbon dioxide (CO2) regulatory targets in Europe. - As a result, we lowered our long-term issuer credit ratings on Daimler AG and its subsidiary, Daimler North America Corp., to 'A-' from 'A' and our short-term ratings to 'A-2' from 'A-1'. - At the same time, we lowered our issue-level ratings on the group's senior unsecured debt to 'A-' from 'A'. - We also removed all ratings from CreditWatch, where they had been placed with negative implications Nov. 19, 2019. - The negative outlook reflects the negative outlook we have on the industry. More specifically, we believe there is some likelihood that Daimler will be unable...
