(The following statement was released by the rating agency)
Dec 16 - Fitch Ratings says in a new report that top tier European automotive suppliers are well funded going into 2012 and intend to focus a considerable amount of their liquidity on expanding production facilities in the emerging markets (EM)during 2012-2013. A sharp and sustained cooling of demand for new cars in EMs would consequently have a material negative impact on automotive suppliers. However, a potential recession in Europe should be more manageable for large and diversified suppliers, unlike lower tier, niche players.
Fitch has a stable outlook for European automotive supply sector.
The full report gives special attention to growth drivers and stabilising factors in the automotive supply industry. In particular, it focuses on capex plans in EMs and the importance of diversification into the aftermarket business.
Issuers reviewed in this report include Robert Bosch GmbH , Compagnie Generale des Etablissements Michelin S.A., Continental AG , GKN Holdings Plc.
Link to Fitch Ratings' Report: 2012 Outlook: European Automotive Suppliers
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=660849
(Bangalore Ratings Team, Hotline: +91 80 4135 5898 swati.ray@thomsonreuters.com,Group id:BangaloreRatings@thomsonreuters.com,Reuters Messaging: swati.ray.thomsonreuters.com@reuters.net)
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