The ratings on DaimlerChrysler AG reflect the broad product and geographic scope of its automotive operations. Over the past year, the group has benefited from the cyclical rebound in its commercial-vehicle markets, a certain competitive resurgence at Chrysler, and favorable conditions for its financial services operations. Consequently, the group slightly exceeded management's target and reached a 2005 operating profit (excluding €1.1 billion in smart-related charges and other one-time items) of €6.5 billion ($7.8 billion). The ratings, however, also reflect the ongoing restructuring activities in the group's luxury-vehicle unit, the Mercedes Car Group. Mercedes Car Group enjoys a leading share of the global luxury-vehicle market–-a market that is relatively recession-resistant. Mercedes Car Group generated an operating profit of €507 million in
