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AUTOMOTIVE: Fitch Comments: OEMs Escape Rating Actions

AUTOMOTIVE
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  • Fitch put out a sector comment earlier under the headline for “Higher Demand for Hybrids”. There wasn’t much new colour on that topic, but they did reference recent profit warnings near the end.
  • They acknowledge restructuring cost, competition and weak demand headwinds impacting profitability. However, they see sufficient ratings headroom for Volkswagen, Mercedes-Benz and Stellantis to absorb the impact given net cash positions.
  • Medium to long term market share losses or failure to control costs could have negative rating implications.
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  • Fitch put out a sector comment earlier under the headline for “Higher Demand for Hybrids”. There wasn’t much new colour on that topic, but they did reference recent profit warnings near the end.
  • They acknowledge restructuring cost, competition and weak demand headwinds impacting profitability. However, they see sufficient ratings headroom for Volkswagen, Mercedes-Benz and Stellantis to absorb the impact given net cash positions.
  • Medium to long term market share losses or failure to control costs could have negative rating implications.