S&P downgrades Aston Martin Lagonda to B-

S&P said it downgraded Aston Martin Lagonda Ltd. to B- after the company revised its fiscal 2019 forecast downward for profitability, volumes, EBITDA and EBIT margins. It also cut the rating on the company’s notes to B- from B.

Aston Martin’s weaker performance coincides with the launch of a new luxury sport utility vehicle, the DBX.

“The success of the DBX is critical to AML's ambitious growth strategy and its creditworthiness. We note that the DBX's timescales and milestones remain on track, with the global launch slated for December 2019 and production starting in Q2 2020,” S&P said in a press release.

The outlook is negative.

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