| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Daimler AG > News item |
S&P upgrades Daimler
S&P said it raised its long-term issuer credit and issue ratings on Daimler AG and its debt to A- from BBB+, citing its better-than-expected adjusted free operating cash flow for first-half 2021 of nearly 4 billion.
Daimler's FOCF is set to beat our previous forecast for 2021. After the company reported adjusted FOCF in first-half 2021 of about 3.8 billion, we have now raised our FOCF expectation for the full year to about 6 billion-7.5 billion, equivalent to 4.5%-5.5% of sales, up from 4 billion-6 billion previously, the agency said in a press release.
We project Daimler will have sufficient cash flow buffers to absorb looming supply chain challenges in the next 1218 months. With the release of its second-quarter results, Daimler lowered its guidance for full-year wholesale volume growth of Mercedes-Benz Cars to about flat compared with 2020 from above 10% previously, primarily as a result of the ongoing auto industry chip shortage that is hampering car production, S&P said.
The outlook is stable.
© 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.