Unformatted text preview: BMW, Daimler Outlook Cut by Standard & Poor’s to Negative Email | Print | A A A By Nadja Brandt Feb. 27 (Bloomberg) -- Bayerische Motoren Werke AG , the world’s biggest luxury-car maker, and Daimler AG , the second- largest maker of luxury vehicles, had their outlook cut to negative from stable by Standard & Poor’s on volume declines in most car markets. “The outlook revision reflects our view on the rapid weakening of most global automotive and commercial-vehicle markets, which we believe heightens the risk of a considerable deterioration of Daimler’s operating performance and cash generation,” Standard & Poor’s said in a statement. It named the same reasons for BMW’s rating revision. Daimler earlier this month reported its first quarterly loss since 2007 on declining sales and costs from Chrysler LLC and said the recession will burden earnings further this year. Daimler aims to save “several-billion euros” this year by deepening production cuts to clear a glut of unsold cars, curbing...
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This note was uploaded on 04/03/2010 for the course FINA FINA111 taught by Professor Lynnpi during the Spring '09 term at HKUST.
- Spring '09