Credit ratings

In the year 2015, the outlook for the long-term credit rating of Daimler AG as assessed by Moody’s improved from “stable” to “positive.” Otherwise, our credit ratings remained unchanged. Daimler AG therefore has comparable ratings at the level of A- with all four of the credit-rating agencies it has engaged. The outlook for the ratings is assessed as “stable” by S&P, Fitch and DBRS. (See table B.33)

B.33 Credit ratings

  End of 2015 End of 2014
     
Long-term credit rating    
Standard & Poor’s A- A-
Moody’s A3 A3
Fitch A- A-
DBRS A (low) A (low)
     
Short-term credit rating    
Standard & Poor’s A-2 A-2
Moody’s P-2 P-2
Fitch F2 F2
DBRS R-1 (low) R-1 (low)

On February 11, 2015, Moody’s Investors Service (Moody’s) changed its outlook for Daimler’s A3 long-term rating from “stable” to “positive.” Moody’s justified this change with the expectation of a positive sales development in the next 12 to 18 months, which will strengthen our company’s credit profile in combination with the ongoing efficiency measures. Moody’s pointed out that the financial profile of the Daimler Group has improved in recent years on the basis of a successful business development. The implementation of the positive outlook as an upgrade of the rating depends on the extent to which Daimler can sustain its strong operating performance in view of the heterogeneous development of the world economy.

Standard & Poor’s Ratings Services (S&P) published a report on Daimler AG on November 27, 2015 in which it affirmed the corporate long-term credit rating of A- and the stable outlook. In the terminology of S&P, the rating reflects the satisfactory business and minimal financial risk profiles. Amongst other factors, the business risk reflects the cyclical development of the automotive markets. The financial risk is an indicator of the Group’s financial strength. In the assessment of S&P, Daimler’s ongoing positive business development is subject to the risk of weakening demand for motor vehicles in some markets.

Fitch Ratings (Fitch) also affirmed its long-term issuer default rating of A- with a stable outlook for Daimler AG. Fitch referred to the Group’s solid business profile and the strengthening of key financial metrics. In addition, Fitch praised Daimler’s wide geographical and product diversification as well as its leading positions in the markets for premium cars, trucks, vans and buses. Fitch stated that Daimler enjoys adequate headroom with its present rating.

The Canadian agency DBRS most recently confirmed the long-term credit rating of Daimler AG at A (low) with a stable outlook in November 2015. DBRS pointed out that Daimler’s business performance had resulted in further improved profitability. This reflects the product offensive at Mercedes-Benz Cars as well as the ongoing cost-reduction activities. The rather favorable market conditions (in aggregate) are regarded as another driver of the positive sales development. DBRS referred in particular to the sales successes of Mercedes-Benz Cars in China and Daimler Trucks in North America.

The short-term credit ratings of all four rating agencies remained unchanged in 2015.

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