Moody's lowers Aston Martin

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Aston Martin Holdings (UK) Ltd. to B3 from B2, along with Aston Martin Capital Ltd.'s senior secured notes rating to B3 from B2.

The outlook is stable.

The downgrade was prompted by a significantly weaker performance year-to-date 2011 compared to expectations, Moody's said.

The agency said it deems it very unlikely that the company will be able to catch up the missing performance in the last quarter 2011.

Aston Martin's financial metrics are anticipated to be weaker for the current fiscal year than in 2010, Moody's said.

Successful implementation of an announced cost savings program will be needed to improve performance in 2012 and avoid further rating pressure, the agency said.

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