DBRS downgrades Daimler

DBRS said it downgraded the issuer and senior debt ratings of Daimler AG to BBB (high) from A. Concurrently, DBRS downgraded the ratings of the company’s rated subsidiaries, Daimler Canada Finance Inc. and Daimler Finance North America LLC, to BBB (high) from A for their long-term ratings.

“The ratings downgrade reflects structural headwinds (significantly consisting of Daimler’s electrification efforts and ongoing investments into self-driving technologies and associated services) facing the company’s core Mercedes-Benz cars (MBC) segment that have been considerably exacerbated by the global escalation of the of the coronavirus disease (Covid-19),” DBRS said in a press release.

DBRS said it also removed the ratings from under review with negative implications, where they were placed on March 27.

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