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Rating Action:

Moody's downgrades BMW's ratings to A2 with a negative outlook

05 Nov 2008
Moody's downgrades BMW's ratings to A2 with a negative outlook

Approximately EUR 28.9 Billion of Debt Affected.

Frankfurt, November 05, 2008 -- Moody's Investors Service today downgraded BMW's long term rating to A2 from A1. The Prime-1 short term ratings are not affected. The outlook remains negative.

Falk Frey, Senior Vice President and the lead analyst at Moody's for the European automotive sector, said: "The downgrade was triggered by the inability of BMW to deliver on its sharply revised profitability targets for 2008 as announced on the publication of the Q3 results which were well below Moody's expectation."

Against the background of weak Q3 results and a further significant drop in volumes in October, BMW declared its recently revised Group return on sales target of 4% for the year as no longer feasible. The company nonetheless expects to be profitable on a Group level.

Frey went on to say, "The negative outlook reflects Moody's concern that the company may be challenged over the intermediate term to recover its above peer historical profitability level against the backdrop of worsening automotive markets in the company's key markets." "Further decline in residual values -- if they were to materialize in 2009 in significant amounts - may also result in undermining the competitive advantage that the company had in pricing its offer and raise volumes and market share."

Downgrades:

..Issuer: BMW (UK) Capital plc

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: BMW Australia Finance Ltd.

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

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

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: BMW Finance N.V.

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: BMW Japan Finance Corp.

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: BMW US Capital, LLC

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

In the third quarter BMW reported a decline in unit sales of -4.2% compared to the third quarter in the previous year, resulting in consolidated revenues of €12.6 billion, down by 8.6% compared to Q3 2007. The segment Automobiles reported revenues of €11.1 billion, down by 15.2% compared to the previous year's quarter. The decline of 64% in reported Group pre-tax profit to €279 million and -97% to €18 million in the segment Automobiles was burdened by additional provisioning for residual value risks and credit risks amounting to €342 million bringing the total risk provisions in the first nine months to a total of more than €1.0 billion. The reported return on sales margin in Q3 was 2.2% compared to 5.6% a year ago. The automobiles segment's return on sales margin in Q3 declined to 0.2% from 5.4% in Q3 2007. Consequently, BMW no longer expects to achieve its former return on sales target for fiscal year 2008 of 4% on a Group basis.

Moody's notes that the company has taken measures to counteract the decline in volumes by announcing an additional cut in production of 40,000 units for the rest of 2008 compared to its original forecasts. However, this could not be sufficient going forward given the accelerating decline in car demand in most of the company's key markets.

Moody's acknowledges that the company has had a very successful strategy in the last few years to grow volumes and gain market shares, which has been largely premised on strengthening and broadening its product offer while increasing its global footprint, albeit resulting in a slight erosion of operating margins. The increased market penetration was also helped in part because the high demand for BMW products have sustained high residual value, generating a competitive advantage by allowing the company to price attractively its commercial offer to end customers. Though the agency believes that management has the ability to adjust its strategy as may be required to deal with these challenges, Moody's will therefore monitor in the intermediate term the extent to which the relative reduction of residual values is sustained and if so the impact this may have on the company's position in its key markets.

BMW's ratings could come under further pressure in the intermediate term should Moody's perceive a structural erosion in the competitive position of BMW that would not appropriately be offset by countermeasures from management. Further sizable impairment on residual values for BMW's leasing assets or any other material deterioration in the asset performance quality of the company's financial services division going forward or a significant negative free cash flow generation in 2009 could also be a trigger for a rating action.

The outlook could be stabilized should the company demonstrate its ability to defend its market position as well as evidence a path to regain its historical strong performance, in particular through a successful implementation of the major initiatives outlined in the strategy Number ONE.

As of September 30, 2008 BMW had approximately €3.7 billion of cash & cash equivalents on balance sheet as well as €1.2 billion marketable securities and US$8 billion headroom under its unutilized revolving credit facility. Though the industrial operations are expected to continue to be free cash flow positive, the sales financing operations have -- similarly to other European car manufacturers - a rather short maturity profile reflecting largely the matching assets duration. In Moody's stress case scenario, where access to debt capital markets is assumed to be closed for the next 12 months and maturing finance assets are replaced, company's available cash sources and committed bank lines do not fully cover the potential needs arising from debt maturities (mainly from the sales financing operations), dividend payments, working capital outlays, capital expenditures and day to day needs. Though Moody's notes that BMW has been successful in relying on a large diversity of financing sources, the agency will monitor the company's funding capabilities and initiatives to strengthen its liquidity profile against a backdrop of capital markets under turmoil.

Moody's last rating action on BMW was an affirmation of the existing A1/P-1 ratings and an outlook change to negative from stable on August 7, 2008.

BMW AG, headquartered in Munich, Germany, 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 under the BMW and Husqvarna brands. 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 2007 BMW generated revenues of €56 billion

Frankfurt
Falk Frey
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Eric de Bodard
Managing Director
Corporate Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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