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S&P trims BMW, Daimler ratings, cuts Volkswagen view
S&P said it took rating actions on three Germany-based automakers.
S&P lowered its long-term issuer credit ratings on BMW AG to A from A+ and affirmed the A-1 short-term issuer credit ratings.
S&P also lowered the long-term issuer credit ratings on Daimler AG to BBB+ from A- and affirmed the A-2 short-term issuer credit ratings.
Separately, the agency revised its outlook on Volkswagen AG to negative from stable and affirmed the BBB+/A-2 long- and short-term issuer credit ratings.
“We expect all three entities to see a steep decline in revenue and cash flow this year due to weak demand, especially in Europe, as a result of the Covid-19 pandemic and restrictions imposed by governments to reduce contagion risk,” S&P said in a news release.
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