Moody's lowers BMW

Moody's Investors Service said it downgraded BMW's long-term rating to A2 from A1. The Prime-1 short term ratings are not affected.

The outlook remains negative.

"The downgrade was triggered by the inability of BMW to deliver on its sharply revised profitability targets for 2008 as announced on the publication of the Q3 results which were well below Moody's expectation," Falk Frey, senior vice president, said in a written statement.

"The negative outlook reflects Moody's concern that the company may be challenged over the intermediate term to recover its above peer historical profitability level against the backdrop of worsening automotive markets in the company's key markets," Frey said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.