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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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I AGREE
Announcement:

Moody's Disclosures on Credit Ratings of Bayerische Motoren Werke Aktiengesellschaft

30 Jan 2012

Frankfurt am Main, January 30, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Bayerische Motoren Werke Aktiengesellschaft and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Bayerische Motoren Werke Aktiengesellschaft.

Moody's current ratings on Bayerische Motoren Werke Aktiengesellschaft and its affiliates are:

Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

Commercial Paper (domestic currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

BMW Finance N.V.

BACKED Senior Unsecured (domestic and foreign currency) ratings of A2

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

BACKED Commercial Paper (domestic currency) ratings of P-1

BACKED Other Short Term (domestic currency) ratings of (P)P-1

BMW Australia Finance Ltd.

BACKED Senior Unsecured (domestic and foreign currency) ratings of A2

BACKED Senior Unsecured MTN Program (foreign currency) ratings of (P)A2

BACKED Other Short Term (foreign currency) ratings of (P)P-1/P-1

BMW US Capital, LLC

BACKED Senior Unsecured (domestic and foreign currency) ratings of A2

BACKED Senior Unsecured MTN Program (foreign currency) ratings of (P)A2

BACKED Commercial Paper (domestic currency) ratings of P-1

BACKED Other Short Term (foreign currency) ratings of (P)P-1

BMW Coordination Center V.O.F.

BACKED Senior Unsecured (foreign currency) ratings of A2

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

BACKED Commercial Paper (domestic currency) ratings of P-1

BACKED Other Short Term (domestic currency) rating of (P)P-1

BMW (UK) Capital plc

BACKED Senior Unsecured (domestic and foreign currency) ratings of A2

BACKED Commercial Paper (foreign currency) ratings of P-1

BMW Japan Finance Corp.

BACKED Senior Unsecured (domestic currency) ratings of A2

BACKED Senior Unsecured MTN Program (foreign currency) ratings of (P)A2

BACKED Other Short Term (foreign currency) ratings of (P)P-1

BMW Bank of North America

Long Term Issuer (domestic currency) rating of A2

Long Term Bank Deposits (domestic currency) ratings of A2

Long Term OSO (domestic currency) ratings of A2

Bank Financial Strength rating of C

Short Term Bank Deposits (domestic currency) ratings of P-1

Short Term OSO (domestic currency) ratings of P-1

BMW Malta Finance Ltd.

BACKED Commercial Paper (domestic currency) ratings of P-1

BMW Canada Inc.

BACKED Senior Unsecured (domestic currency) ratings of A2

RATINGS RATIONALE

On 22 July 2011 Moody's upgraded the long- and short-term ratings of 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. 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. This expectation is 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.

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 electronic vehicles as well as persistent pressure on residual values in Europe.

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.

The principal methodology used in these ratings was the Global Automobile Manufacture Industry Rating Methodology published in June 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Falk Frey
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Disclosures on Credit Ratings of Bayerische Motoren Werke Aktiengesellschaft
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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