Auto Captives – North America: Outlook remains negative as pandemic drives up asset risk, cuts profitability
25 JUN 2020|Outlook|MOODY'S INVESTORS SERVICE
The continued negative outlook reflects the captives' increased asset risk, the likely deterioration in lease residual values, and the reduced capacity of parent companies to provide support
Automotive manufacturing – Europe: German economic stimulus package is credit positive for automakers
07 JUN 2020|Sector Comment|MOODY'S INVESTORS SERVICE
The support measures are credit positive because they will boost sales of BEVs and, to a lesser extent, vehicles with internal combustion engines.
Auto Parts – North America: Negative outlook weighed down further by likelihood of drawn-out recovery
28 MAY 2020|Outlook|MOODY'S INVESTORS SERVICE
Our negative outlook for the North American auto parts suppliers will abide until we see signs our expectation of an automotive industry recovery in 2021 is taking hold.
Banks – Spain: Strong demand for loan guarantees is likely to exhaust resources unless plan is expanded
25 MAY 2020|Sector Comment|MOODY'S INVESTORS SERVICE
With the fourth tranche unlocked on 19 May 2020, the Spanish government has already unlocked 85% of the €100 billion state-guaranteed loan program implemented on 17 March.
Automotive Manufacturing – Global: Outlook update: Cutting sales forecast as coronavirus economic impact worsens
13 MAY 2020|Outlook|MOODY'S INVESTORS SERVICE
We now expect global auto unit sales to plummet 20% in 2020, widening from our previous projection of a 14% drop.
Automotive manufacturing – Europe: European automakers' gradual resumption of production is credit positive
01 MAY 2020|Sector Comment|MOODY'S INVESTORS SERVICE
While the ramp-up of vehicle production will be gradual, it is credit positive for automakers because it represents an important first step in the sector's recovery.
Automotive Parts Suppliers – Europe: Amid coronavirus pressures, credit quality remains stronger than 2008 pre-crisis levels
28 APR 2020|Sector In-Depth|MOODY'S INVESTORS SERVICE
We expect liquidity in the sector to come under pressure as global light vehicle sales plunge amid the economic fallout from the outbreak.
Banking System Brief - Georgia: Operating conditions deteriorate but capital buffers and strong revenues provide a safeguard (Slides)
07 APR 2020|Outlook|MOODY'S INVESTORS SERVICE
Operating conditions will deteriorate as the coronavirus outbreak slows economic activity and the lari depreciates. However, banks can navigate through this crisis without jeopardising finan
Automotive manufacturing – Global: Further downside risk to sales forecast but liquidity broadly stronger than early 2008
07 APR 2020|Sector Comment|MOODY'S INVESTORS SERVICE
Large or investment-grade automakers have adequate liquidity to tide them over through significant cash consumption for working capital needs through the second and third quarters of 2020.
Banking – United States of America: Fed revises supplementary leverage ratio calculation for one year, to the benefit of bank-affiliated US broker-dealers
03 APR 2020|Sector Comment|MOODY'S INVESTORS SERVICE
The Fed's temporary revision of holding companies' supplementary leverage ratio (SLR) allows substantial balance sheet growth without violating any capital requirements, a credit negative.