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Rating Action:

Correction to Text, July 22, 2011 Release: Moody's upgrades BMW's ratings to A2/P-1 from A3/P-2 with a stable outlook

26 Jul 2011

Approximately EUR37.7 billion of rated debt affected

Frankfurt am Main, July 26, 2011 -- Add upgrades to (P)P-1 and P-1 from (P)P-2 and P-2 for issuers: Bayerische Motoren Werke Aktiengesellschaft, BMW Australia Finance Ltd., BMW COORDINATION CENTER V.O.F., BMW Finance N.V., BMW Japan Finance Corp. , BMW Malta Finance Ltd., BMW US Capital, LLC under the list of upgraded ratings.

Revised release follows.

Moody's Investors Service has today upgraded the long- and short-term ratings of Bayerische Motoren Werke Aktiengesellschaft ("BMW")and its rated subsidiaries to A2/Prime-1 from A3/Prime-2 and assigned a stable outlook.

"The upgrade reflects BMW's relatively good resilience through the crisis in 2009 and its stronger and faster than anticipated recovery in operating performance leading to financial metrics well in line with the A2 rating category" says Falk Frey, Moody's analyst for European Automotive manufacturer. "The upgrade also reflects Moody's confidence in BMW's ability to sustain the achieved level of performance and credit metrics over the next couple of years based on the company's various new model launches planned within that period that benefit from an improved cost position resulting from BMW's efficiency program. For example, Moody's expects BMW to sustain a reported EBIT-margin within its targeted range for 2012 of 8-10% over the next three years in the Automobiles segment. " Frey added.

RATINGS RATIONALE

BMW's ratings are supported by (i) its leading position as premium manufacturer with a strong brand equity value for the BMW brand in particular; (ii) the group's leading position among premium manufacturers in reducing CO2-emissions under its EfficientDynamics strategy; (iii) BMW's global presence albeit still dominated by Europe and North America as well as (iv) its broadening product range and rising number of model variants reducing the dependency on the success of a single model.

However, the ratings continue to be challenged by relatively high R&D costs per unit given its small comparative scale in order to comply with stricter CO2-emission regulations and the development of electric vehicles as well as persistent pressure on residual values in Europe.

Although Moody's recognizes the material contribution to BMW's current operating performance from China that is not limited to the at equity income from the joint venture but a material driver of volume increases in BMW's German and US plants, we believe that the company can sustain a scenario of sluggish demand from China without a significant deterioration of its credit metrics and financial flexibility. We also note that the company has a balanced geographical breakdown of sales.

On July 12, 2011, BMW Group raised its sales and earnings outlook for 2011. Backed by strong light vehicle demand in most markets during the second quarter and for the full year, BMW now expects that business performance and earnings will be significantly better than previously forecast. The company has raised its sales volume and earnings forecast for the current financial year expecting unit sales in 2011 to increase more than 10% compared to the previous year to over 1.6 million BMW, MINI and Rolls-Royce brand cars. The forecast for the year had previously been for a sales volume of over 1.5 million units. In the first six months period of the current year vehicle sales increased by 19.7% to 833,366 units.

In view of the strong performance to date and the good outlook for the coming months, the Automotive segment is now expected to achieve an EBIT margin of over 10% for the full year, compared to the previous forecast of over 8%.

BMW also notes that sales volume and earnings growth in the automotive segment will likely be dampened during the second half of the year by changes affecting some of the BMW Group's high-volume models as well as by the market launch and production start-up of successor models.

The stable outlook is based on Moody's expectation that BMW will be able to (i) sustain an EBIT-margin as reported under its Segment Automobiles that falls within the company's target range for 2012 of 8-10% in each of the next three years; (ii) generate free cash flows of above EUR2.0 billion annually; (iii) keep a solid liquidity profile with available cash sources for the next 12-15 months covering the anticipated cash needs over the same period under Moody's scenario.

A further upgrade of BMW's ratings over the short to medium term is rather unlikely. However, upward pressure on the ratings could occur should BMW demonstrate a continued high earnings and cash generation level beyond 2012 while at the same time maintaining its brand equity value, broadening its global footprint as well as successfully introducing additional new models and variants, growing its market share position in the premium car markets, defending its technological leadership positioning and meeting the required emission standards.

The A2 ratings could come under pressure should BMW exhibit (i) negative market share development in key markets driven by the successful renewal of existing products, the introduction of new products, the successful penetration in emerging markets as well as a positive consumer's perception of BMW's leading position in reducing CO2-emissions among the premium car manufacturers; (ii) FCF generation fall sustainably below EUR1.5 billion; (iii) EBITA margin fall below 7.0% as well as (iv) interest cover (EBITA/interest Expense) of less than 5.0x or (v) a weakening of the company's liquidity profile.

BMW has ongoing financing needs related to the funding of its customers while the industrial activities should be largely self funding. As at the end of the first quarter 2011, the company's sources of cash included EUR8.3 billion in cash and marketable debt securities (with some haircut) as well as the USD8.0 billion headroom under its unutilized credit facility, combined with an improvement in expected operating cash flow. In addition, Moody's recognizes BMW's U.S. bank subsidiary to have access to the Federal Reserve Bank's refinancing window by pledging certain qualifying assets. In sum these available cash sources are deemed as sufficient to cover potential needs arising from capital expenditures, dividend payments, working capital, day to day needs, debt maturities over the next twelve months.

Upgrades:

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2,

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

..Issuer: BMW Australia Finance Ltd.

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

..Issuer: BMW Canada Inc.

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

..Issuer: BMW COORDINATION CENTER V.O.F.

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

..Issuer: BMW Finance N.V.

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

..Issuer: BMW Japan Finance Corp.

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

..Issuer: BMW Malta Finance Ltd.

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

..Issuer: BMW US Capital, LLC

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A2/(P)P-1 from (P)A3/(P)P-2

....Senior Unsecured Regular Bond/Debenture, Upgraded to A2 from A3

....Senior Unsecured Commercial Paper, Upgraded to P-1 from P-2

..Issuer: Spartanburg (County of) SC

....Senior Unsecured Revenue Bonds, Upgraded to A2 from A3

The principal methodology used in rating Bayerishce Motoren Werke Aktiengesellschaft was the Global Automobile Manufacture Industry Methodology published in June 2011.

Headquartered in Munich, Germany, Bayerische Motoren Werke Aktiengesellschaft is the only European car manufacturer focused entirely on the premium segment, manufacturing and selling the BMW, MINI and Rolls-Royce brands as well as motorcycles. The group's financial services business offers leasing, retail and dealership financing, and holds a bank license through its wholly owned subsidiaries BMW Bank GmbH and BMW Bank of North America, Inc. In fiscal 2010 the group generated revenues of EUR60.5 billion.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Frankfurt am Main
Falk Frey
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
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Moody's France SAS
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Correction to Text, July 22, 2011 Release: Moody's upgrades BMW's ratings to A2/P-1 from A3/P-2 with a stable outlook
No Related Data.
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