The ratings on Germany-based automaker DaimlerChrysler AG reflect the company's position as a leading producer of passenger cars and commercial vehicles, and its moderate financial policy. DaimlerChrysler has a particularly strong global competitive position in luxury passenger cars sold under the Mercedes-Benz brand. Demand for luxury vehicles is relatively recession-resistant, and pricing is favorable. Following the introduction of a series of successful new products, the company has significantly expanded its luxury vehicle sales volume and market share in recent years. Chrysler's competitive position has improved, but remains problematic. Chrysler incurred a massive operating loss of €5.2 billion in 2001 (including a €3.0 billion restructuring charge). Subsequently, the benefits of a restructuring plan initiated in early 2001 have been demonstrated. Chrysler's
