S&P moves Daimler to negative watch

S&P said it placed Daimler AG’s A ratings on CreditWatch with negative implications, citing the downward revision to the company’s guidance for 2020-2021.

“The CreditWatch reflects our belief that a profitability recovery in line with our earlier expectations, including an adjusted EBITDA of more than 10%, could take longer than 24 months. We believe Daimler's restructuring process, which includes labor reduction measures, will occur in unfavorable market and geopolitical conditions. This could jeopardize or delay the benefit expected. We plan to resolve the CreditWatch before year-end 2019,” said S&P in a press release.

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