The ratings on Germany-based automaker Daimler AG reflect Standard&Poor's Ratings Services' assessment of the group's business risk profile as "satisfactory" and financial risk profile as "modest". The ratings are supported by the strong competitive position of the group's Mercedes-Benz Cars (MBC) division that holds a leading share of the global market for premium vehicles, the broad product and geographic scope of the group's operations, and the group's good financial flexibility. A further rating strength is the strong market position of the commercial vehicles unit, which benefits from the geographic diversity of its sales and broadly diversified production. The ratings are constrained, in our view, by widely fluctuating demand for passenger cars and even more pronounced cyclicality in global
