Leading positions in Europe and South America as a manufacturer of heavy trucks and buses. An up-to-date product range and the highest degree of component commonality in the global truck industry. Likelihood of high profitability ratios over the economic cycle. Operations in industries characterized by high volatility and capital intensity. A conservative financial policy and robust credit metrics. Strong liquidity and the ability to generate solid free cash flow. Our expectation of continued strong credit ratios, with funds from operations (FFO) to debt above 100% in 2016 and 2017. The negative outlook on Swedish commercial vehicle manufacturer Scania AB (publ.) reflects that on the parent company, German automaker Volkswagen AG (VW). If we downgrade VW, we would downgrade Scania, since
