Imark
Forumer storico
Peugeot va a perdere l'IG anche per S&P, che la ha ha messa in osservazione per un downgrade sull'assunto per cui il 2010 sarà per il mercato automobilistico europeo sullo stesso livello del 2009, ossia decisamente negativo.
Il profilo di merito creditizio della casa francese è atteso in ulteriore deterioramento nel 2009 e senza prospettive di recupero nel 2010.
Peugeot S.A. 'BBB-/A-3' And Banque PSA 'BBB/A-2' Ratings On CreditWatch Negative On Continued Weak Auto Demand In Europe
-- We expect auto demand in Europe to remain low in 2010, in line with 2009.
-- In 2008, the European market accounted for about 70% of Peugeot's unit sales.
-- We are placing our 'BBB-/A-3' ratings on French automaker Peugeot S.A., and our 'BBB/A-2' ratings on PSA's fully owned captive finance subsidiary Banque PSA Finance, on CreditWatch with negative implications.
-- The CreditWatch status reflects our concern that Peugeot's financial profile relative to our current rating will not start to recover in 2010 and, if current market expectations come to pass, it might even deteriorate further with respect to 2009.
MILAN (Standard & Poor's) June 25, 2009--Standard & Poor's Ratings Services said today that it placed its 'BBB-/A-3' long- and short-term corporate credit ratings on French automotive manufacturer Peugeot S.A. (PSA) on CreditWatch with negative implications.
At the same time, Standard & Poor's placed its 'BBB' long-term and 'A-2' short-term counterparty credit ratings on PSA's fully owned captive finance subsidiary, Banque PSA Finance (BPF), on CreditWatch with negative implications.
"The CreditWatch placement reflects the risk we perceive that PSA's financial profile relative to our current rating could deteriorate further in 2009, and that it might not recover in 2010," said Standard & Poor's credit analyst Barbara Castellano.
It also reflects our view that auto demand is likely to remain very low in Europe in 2010, due to the weak economic environment and the payback effect of the incentive schemes that several European countries have adopted to date in 2009.
"We aim to resolve the CreditWatch status on both entities after having had the opportunity to assess the effect on PSA's financial profile of revised market expectations for auto demand in Europe in 2009 and 2010," said Ms. Castellano.
We also aim to learn more about how the company strategy will be affected by the deep changes in management composition that have recently taken place.
A downgrade of Peugeot would not automatically entail a parallel downgrade of BPF. To resolve the CreditWatch for BPF, we will assess to what extent the bank might tangibly benefit from effective French government support in case of stress. If systemic support is sufficient to stabilize the bank's creditworthiness at its current level, we could envisage widening the rating differential between BPF and PSA beyond the current one notch.
This would reflect our expectation of external support, given current market conditions and the bank's systemic importance
Il profilo di merito creditizio della casa francese è atteso in ulteriore deterioramento nel 2009 e senza prospettive di recupero nel 2010.
Peugeot S.A. 'BBB-/A-3' And Banque PSA 'BBB/A-2' Ratings On CreditWatch Negative On Continued Weak Auto Demand In Europe
-- We expect auto demand in Europe to remain low in 2010, in line with 2009.
-- In 2008, the European market accounted for about 70% of Peugeot's unit sales.
-- We are placing our 'BBB-/A-3' ratings on French automaker Peugeot S.A., and our 'BBB/A-2' ratings on PSA's fully owned captive finance subsidiary Banque PSA Finance, on CreditWatch with negative implications.
-- The CreditWatch status reflects our concern that Peugeot's financial profile relative to our current rating will not start to recover in 2010 and, if current market expectations come to pass, it might even deteriorate further with respect to 2009.
MILAN (Standard & Poor's) June 25, 2009--Standard & Poor's Ratings Services said today that it placed its 'BBB-/A-3' long- and short-term corporate credit ratings on French automotive manufacturer Peugeot S.A. (PSA) on CreditWatch with negative implications.
At the same time, Standard & Poor's placed its 'BBB' long-term and 'A-2' short-term counterparty credit ratings on PSA's fully owned captive finance subsidiary, Banque PSA Finance (BPF), on CreditWatch with negative implications.
"The CreditWatch placement reflects the risk we perceive that PSA's financial profile relative to our current rating could deteriorate further in 2009, and that it might not recover in 2010," said Standard & Poor's credit analyst Barbara Castellano.
It also reflects our view that auto demand is likely to remain very low in Europe in 2010, due to the weak economic environment and the payback effect of the incentive schemes that several European countries have adopted to date in 2009.
"We aim to resolve the CreditWatch status on both entities after having had the opportunity to assess the effect on PSA's financial profile of revised market expectations for auto demand in Europe in 2009 and 2010," said Ms. Castellano.
We also aim to learn more about how the company strategy will be affected by the deep changes in management composition that have recently taken place.
A downgrade of Peugeot would not automatically entail a parallel downgrade of BPF. To resolve the CreditWatch for BPF, we will assess to what extent the bank might tangibly benefit from effective French government support in case of stress. If systemic support is sufficient to stabilize the bank's creditworthiness at its current level, we could envisage widening the rating differential between BPF and PSA beyond the current one notch.
This would reflect our expectation of external support, given current market conditions and the bank's systemic importance
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902 veicoli, 
9.659 auto, a fronte delle 15.086 del primo semestre 2008.