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Rating Action:

Moody's places under review for possible downgrade BMW's A2/P-1 ratings

18 Feb 2009

Approximately EUR 28.9 Billion of Debt Affected.

Frankfurt, February 18, 2009 -- Moody's Investors Service today placed under review for possible downgrade BMW's A2 long term and Prime-1 short term ratings.

Falk Frey, Senior Vice President and the lead analyst at Moody's for the European automotive sector, said: "The review reflects the more severe decline of BMW's key automotive markets than previously anticipated by magnitude as well as by pace which also resulted in a much weaker unit sales volume than expected. As a result BMW's profitability and cash generation could deteriorate over the medium term to an extent materially below its current rating category."

Revenues of BMW Group declined by 5.0% to €53.2 billion. Revenues in the Automobiles segment dropped by 9.4% to €48.8 billion compared to FY2007. The segment Motorcycles reported sales of €1.2 billion (+0.2%) and Financial Services revenues increased by 12.8% to €15.7 billion.

Unit sales volumes decreased by less than revenues in the Automobiles segment (-4.3%) indicating a deterioration in the Price/Mix towards smaller cars, also impacted by the decline in the 5-series that is due to be renewed soon. Furthermore, BMW stated that there were no signs of stabilisation on the used car markets and consequently on residual values for vehicles coming of leases. During the first nine months 2008, the company has already booked charges for residual value impairment and credit losses totalling €1.0 billion with additional amounts that might be required in Q4 2008. Despite these challenges BMW expects to report clearly positive group earnings for FY2008.

In January 2009, unit sales decline continued to accelerate, with 22.1% less BMW brand vehicle sales and 34.5% lower unit sales of the MINI brand resulting in 24.2% less BMW Group Automobiles sold compared to previous year's month.

Moody's review will focus on (i) the dimension and time horizon of the deterioration in BMW's financial metrics together with the potential cash consumption of the industrial businesses; (ii) the positive effects of counteractive measures the company has implemented in the course of 2008; (iii) the extent to which additional measures may be required (iv) the possible quantum of potential cash absorption by the industrial operations in the intermediate term (v) the company's plans to address funding needs permanently arising in the financial services division (vi) the residual value risks and its potential for further asset impairments as well as the impact of rising credit losses and higher funding costs for the company's financial services division.

Moody's expects to conclude the review within a relatively short time period.

On Review for Possible Downgrade:

..Issuer: BMW (UK) Capital plc

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: BMW Australia Finance Ltd.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2, P-1

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

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: BMW Finance N.V.

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently (P)P-1, P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: BMW Japan Finance Corp.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: BMW Malta Finance Ltd.

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

..Issuer: BMW US Capital, LLC

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

..Issuer: Spartanburg (County of) SC

....Senior Unsecured Revenue Bonds, Placed on Review for Possible Downgrade, currently A2

Outlook Actions:

..Issuer: BMW (UK) Capital plc

....Outlook, Changed To Rating Under Review From Negative

..Issuer: BMW Australia Finance Ltd.

....Outlook, Changed To Rating Under Review From Negative

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

....Outlook, Changed To Rating Under Review From Negative

..Issuer: BMW Finance N.V.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: BMW Japan Finance Corp.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: BMW Malta Finance Ltd.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: BMW US Capital, LLC

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Outlook, Changed To Rating Under Review From Negative

The principal methodology used in rating BMW was the Global Automobile Manufacturer Industry Methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Moody's last rating action on BMW was a downgrade of the long-term ratings to A2 with a negative outlook from A1 with a negative outlook on November 5, 2008.

Headquartered in Munich, Germany, BMW is the only European car and motorcycle manufacturer focused entirely on the premium segment, manufacturing and selling the BMW, MINI and Rolls-Royce 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 2008 BMW generated revenues of €53 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

Moody's places under review for possible downgrade BMW's A2/P-1 ratings
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