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I AGREE
Rating Action:

Moody's upgrades BMW to A1, stable outlook

25 Jan 2017

Frankfurt am Main, January 25, 2017 -- Moody's Investors Service, ("Moody's") has today upgraded Bayerische Motoren Werke Aktiengesellschaft's (BMW) long-term ratings to A1 from A2 and concurrently upgraded all long-term ratings of its rated subsidiaries to A1 from A2. The outlook has been changed to stable from positive.

"The upgrade of BMW to A1 reflects the company's track record of a robust operational performance in recent years supported by a continued successful product renewal program and the ongoing expansion of BMW Group's product portfolio as well as regional presence," says Falk Frey, a Senior Vice President and lead analyst for BMW. "This should position the company well to weather future challenges, such as the transition towards alternative fuel vehicles or the development of autonomous driving" Mr. Frey added.

A full list of affected entities and ratings can be found at the end of this press release.

Key drivers of the upgrade are:

• A proven track record of successful launches of innovative products across multiple vehicle segments and an expected acceleration of new model launches starting 2018 reducing the average age of the product portfolio;

• A robust operational performance as evidenced again in 2016 by solid growth in volumes despite a very challenging US market, volatility in currencies and a continued slowdown in South American markets during 2016.

• BMW has ongoing plans to expand its production footprint in certain markets especially North America which are expected to somewhat reduce its reliance on the Chinese market;

• BMW meets almost all of our milestones for an upgrade;

• BMW's strong capital structure, performance and conservative financial policy should enable the company to weather future technological challenges, without compromising its ratings

• Improved liquidity profile with available cash sources covering expected cash needs for more than the next 12 months.

RATINGS RATIONALE

In spite of BMW's track record of strong financial performance in recent years, the company operates in a cyclical industry where we believe that demand may have peaked in two very important markets, the US and Europe, with rising incentives and uncertainty resulting from Brexit as well as a new US Government, and continued weakness in South America. We further recognize a number of challenges that the auto industry will face, relating to connectivity; driverless vehicles; alternative propulsion technologies; regulations relating to vehicle safety, emissions and fuel economy, as well as new market entrants, which we expect will require increased investment by BMW and its peers in coming years. However, Moody's believes that BMW is well prepared to contend with these additional challenges, and as such we expect that its credit metrics will remain comfortable for the A1 rating category despite some possible temporary erosion over the next two years.

BMW still generates one of the highest margins in the industry with an EBITA margin 9.0% during the LTM period ending September 2016. The company has achieved an EBITA margin of minimum 8.3% since 2010 with peak levels reaching strong 11.6%. Moody's adjusted EBIT margins were only slightly lower than EBITA margins since 2010. Therewith, BMW moved comfortably within its targeted 8-10% EBIT margin.

BMW delivered a solid reported free cash flow (FCF, as defined by the company) of above EUR3 billion in the first nine months ending September 2016, and guided despite high capex to a reported FCF above EUR3 billion again in 2016.

Liquidity

BMW has constant financing needs related to the funding of its customers while the industrial activities should be largely self-funding. As of 30 September 2016, the company's sources of cash included in excess of EUR10 billion in cash and marketable debt securities as well as EUR6.0 billion undrawn under its credit facility, combined with an expected sizeable positive free cash flow generation. In addition, we recognize BMW's ability to access the U.S. Federal Reserve Bank's as well as the European Central Bank's refinancing windows by pledging certain qualifying assets. These resources will comfortably cover BMW's potential needs for the next 12 months.

Rating Outlook

The stable outlook reflects Moody's expectation that BMW's business setup has the capacity to contend with the long-term cyclicality within the global passenger vehicle markets and its challenging landscape as a result of heavy investment requirements for (1) alternative propulsion technologies; (2) driverless vehicles; (3) the shift towards alternative fuel vehicles; (4) connectivity as well as (5) regulations relating to vehicle safety, emissions and fuel economy.

What could change the rating Down/Up

We do not anticipate any upward movement on BMW's rating during the intermediate term. Despite the company's strong credit metrics, the A1 rating should remain appropriate given the long-term cyclicality in the global passenger vehicle markets. This rating level can also accommodate a temporarily elevated investment and R&D spending.

The A1 ratings could come under negative pressure should (1) BMW exhibit a sustained loss of market share in its key markets; (2) FCF generation falls sustainably below €1.5 billion (Moody's definition after dividend payment) for a longer period of time; (3) the company's EBITA margin continuously fall below 8.0%; (4) its leverage (adjusted debt/EBITDA) were to move to above 1.0x ; or (5) the group's liquidity profile weakens.

List of affected ratings:

Upgrades:

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

.... Issuer Rating, Upgraded to A1 from A2

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

..Issuer: BMW (UK) Capital plc

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

..Issuer: BMW Australia Finance Ltd.

....BACKED Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

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

..Issuer: BMW Canada Inc.

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

..Issuer: BMW Finance N.V.

....BACKED Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

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

..Issuer: BMW International Investment B.V.

....BACKED Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

..Issuer: BMW Japan Finance Corp.

....BACKED Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

..Issuer: BMW US Capital, LLC

....BACKED Senior Unsecured Medium-Term Note Program, Upgraded to (P)A1 from (P)A2

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

Affirmations:

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Senior Unsecured Commercial Paper, Affirmed P-1

....Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

..Issuer: BMW Australia Finance Ltd.

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

..Issuer: BMW Finance N.V.

....BACKED Senior Unsecured Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

..Issuer: BMW International Investment B.V.

....BACKED Senior Unsecured Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

..Issuer: BMW Japan Finance Corp.

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

..Issuer: BMW Malta Finance Ltd.

....BACKED Senior Unsecured Commercial Paper, Affirmed P-1

..Issuer: BMW US Capital, LLC

....BACKED Senior Unsecured Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1

Outlook Actions:

..Issuer: Bayerische Motoren Werke Aktiengesellschaft

....Outlook, Changed To Stable From Positive

..Issuer: BMW (UK) Capital plc

....Outlook, Changed To Stable From Positive

..Issuer: BMW Australia Finance Ltd.

....Outlook, Changed To Stable From Positive

..Issuer: BMW Canada Inc.

....Outlook, Changed To Stable From Positive

..Issuer: BMW Finance N.V.

....Outlook, Changed To Stable From Positive

..Issuer: BMW International Investment B.V.

....Outlook, Changed To Stable From Positive

..Issuer: BMW Japan Finance Corp.

....Outlook, Changed To Stable From Positive

..Issuer: BMW US Capital, LLC

....Outlook, Changed To Stable From Positive

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

Headquartered in Munich, Germany, BMW is a leading premium European car manufacturer, producing and selling the BMW, MINI and Rolls-Royce brands as well as motorcycles. In addition, the company's financial services business offers leasing, retail and dealership financing, and holds a bank license through its wholly owned subsidiaries BMW Bank GmbH (unrated) and BMW Bank of North America (bank deposits Aa3/Prime-1, BCA baa2).

In the first nine months 2016 BMW generated revenues of €69.2 billion and a reported EBIT of €7.6 billion.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit 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

Matthias Hellstern
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

No Related Data.
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