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S&P affirms Dongfeng Motor
S&P said it affirmed the ratings on Dongfeng Motor Group Co. Ltd. (DFG) to reflect its view that both DFG and its parent, Dongfeng Motor Corp. (DFM), will maintain their leading positions in the Chinese automotive market.
The outlook is stable.
DFG's passenger vehicle (PV) sales volume fell 6.7% in the first eight months of 2019, albeit better than the industry's overall decline of 12.3%. The sales decline in the company's proprietary brands was more than offset by sales growth in its joint venture (JV) brands, S&P said.
In addition, DFG recorded 5.2% growth in sales volume of commercial vehicles (CV) over the same period, versus the industry's overall decline of 4.2%, S&P noted.
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