Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (2 lettori)

Imark

Forumer storico
Continua la raffica di downgrades a livelli di rating infimi dei fornitori dell'automotive USA ... ;) Dal WSJ Online gli ultimi casi...

MARCH 25, 2009, 3:57 P.M. ET

Moody's Cuts Sonic Auto, Asbury Ratings Deeper Into Junk

DOW JONES NEWSWIRESMoody's Investors Service downgraded its ratings on Sonic Automotive Inc. (SAH) and Asbury Automotive Group Inc. (ABG) a notch deeper into junk territory, reflecting the weak environment for automobile retailers.
The ratings agency also warned of further ratings cuts on Sonic and said the outlook is negative on Asbury.

Car sellers have been slammed as skittish consumers hold back from buying big-ticket items. The credit crisis has squeezed dealers, making it difficult to finance their own operations and to find financing for buyers. The ratings firm, which moved Sonic to B1 and Asbury to B2, believes the harsh conditions will persist through 2009.

The difficult conditions might make it hard for Sonic to repay or renegotiate $105 million in notes that mature in May. Moody's, which put Sonic on review for downgrade in December, said the company has sufficient capacity on its bank revolver to repay the notes, but a possible "going concern" opinion would constitute a default under the credit agreement, yanking away that funding.

Earlier this month, Sonic filed to extend its annual report filing as it worked to address its 2009 and 2010 debt maturities. In February, Standard & Poor's Ratings Service cut Sonic's corporate credit rating a notch deeper into junk.

Asbury has been cutting costs, but Moody's is concerned that it may not be enough in the tough economic environment. However, the company's reliance on foreign brands and smaller dependence on new-car sales are positive factors.

Sonic shares were recently down 1.3% at $1.58, while Asbury gained 2.2% to $4.23. Both are trading at only a tiny fraction of their 52-week highs.
 

Massimo S.

Nuovo forumer
direi proprio di no, se non ti da fastidio farlo... scherzavo solo... ;)
:D :D :D

ms

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