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Harley-Davidson Inc. Ratings Removed From CreditWatch Negative And Lowered To 'BBB+' From 'A-'; Outlook Negative

  • 23-Aug-2018 12:43 EDT
View Analyst Contact Information


  • We have completed our review of U.S. motorcycle manufacturer
    Harley-Davidson Inc.'s recently announced plan to accelerate certain
    strategy initiatives in order to increase demand for its motorcycles and
    increase the number of Harley-Davidson riders. We believe Harley's
    accelerated strategy partly reflects prolonged softness and negative
    demographic trends in the U.S. motorcycle industry.
  • We are lowering our issuer credit rating on Harley to 'BBB+' from 'A-',
    reflecting several ongoing headwinds that Harley faces, including sales
    and shipment declines, challenging consumer and demographic trends,
    stagnant motorcycle participation in the U.S., and higher costs due to
    restructuring and tariffs. It is our view that the strategy acceleration
    plan adds incremental execution risk in the near term, even though the
    plan could increase demand over the longer term.
  • The negative outlook reflects our view that retail sales and shipments
    could continue to decline, especially in the U.S., which is Harley's
    largest market, and that this would represent a continued deterioration
    in its business.
 

Harley-Davidson Inc. Ratings Removed From CreditWatch Negative And Lowered To 'BBB+' From 'A-'; Outlook Negative

  • 23-Aug-2018 12:43 EDT
View Analyst Contact Information


  • We have completed our review of U.S. motorcycle manufacturer
    Harley-Davidson Inc.'s recently announced plan to accelerate certain
    strategy initiatives in order to increase demand for its motorcycles and
    increase the number of Harley-Davidson riders. We believe Harley's
    accelerated strategy partly reflects prolonged softness and negative
    demographic trends in the U.S. motorcycle industry.
  • We are lowering our issuer credit rating on Harley to 'BBB+' from 'A-',
    reflecting several ongoing headwinds that Harley faces, including sales
    and shipment declines, challenging consumer and demographic trends,
    stagnant motorcycle participation in the U.S., and higher costs due to
    restructuring and tariffs. It is our view that the strategy acceleration
    plan adds incremental execution risk in the near term, even though the
    plan could increase demand over the longer term.
  • The negative outlook reflects our view that retail sales and shipments
    could continue to decline, especially in the U.S., which is Harley's
    largest market, and that this would represent a continued deterioration
    in its business.
A questo proposito mi pare interessante questo bond 4,625% 7/2045
ISIN US412822AE80
 
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Moody's affirms Romania's Baa3 issuer ratings; outlook stable

24 Aug 2018
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Moody's downgrades Ford ratings to Baa3; outlook is negative

29 Aug 2018
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Fitch Affirms Hungary at 'BBB-'; Outlook Positive
31 AUG 2018 04:03 PM ET


Fitch Ratings-Frankfurt/London-31 August 2018: Fitch Ratings has affirmed Hungary's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BBB-' with a Positive Outlook.

A full list of rating actions is at the end of this rating action commentary.
 

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