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S&P: Aston Martin, notes BB-
Standard & Poor's said it assigned a BB- long-term corporate credit rating to Aston Martin Holdings (UK) Ltd., along with a BB- rating to the £304 million senior secured notes issued by Aston Martin Capital Ltd. with a recovery rating of 3, indicating 50% to 70% in a default.
The outlook is stable.
The ratings reflect an assessment of its financial risk profile as aggressive and business risk profile as fair, S&P said.
The agency said it considers the company's business risk profile to be constrained by marked cyclical swings in its end-markets, its niche position in the market for high-luxury sports cars, limited product diversity and highly variable operating margins.
Nevertheless, the company's strong brand reputation in luxury sports cars affords it a certain pricing power, while its good production flexibility, product offering and new model pipeline also support its business risk profile, S&P said.
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