Daimler Annual Report 2011 - Alle jaarverslagen

Credit ratings
The considerable improvement in Daimler’s performance and
financial metrics in 2010 and the continuation of that development
in 2011 were positively assessed by all the four
rating agencies that publish issuer ratings for Daimler. 3.37
Fitch Ratings upgraded our long-term rating by one category,
while Moody’s Investors Service and Standard & Poor’s Rating
Services each lifted the outlook for Daimler AG. The Canadian
rating agency, DBRS, also recognized that our business operations
had recovered stronger and faster than it had expected,
although this did not result in a change in its ratings for Daimler.
3.37
Rating
End of 2011 End of 2010
Long-term credit ratings
Standard & Poor’s BBB+ BBB+
Moody’s A3 A3
Fitch A- BBB+
DBRS A (low) A (low)
Short-term credit ratings
Standard & Poor’s A-2 A-2
Moody’s P-2 P-2
Fitch F2 F2
DBRS R-1 (low) R-1 (low)
On July 15, 2011, Standard & Poor’s Ratings Services (S&P)
raised its outlook on Daimler AG from stable to positive and
affirmed its long-term rating of BBB+. This resulted from S&P’s
improved assessment of Daimler’s financial risk profile. S&P
justified this change with our better trading conditions and the
decision to suspend the dividend in 2010 for the year 2009.
However, it believes that for an upgrade of the rating into the
A category, our track record of improved margins will have
to be more extensive.
On March 21, 2011, the rating agency Moody’s Investors
Service (Moody’s) changed its outlook from negative to
stable on our long-term issuer rating and affirmed our longterm
rating of A3. Moody’s thus reacted to the Group’s good
business development in 2010, which was stronger than the
agency had anticipated. On August 30, it once again lifted
Daimler’s outlook: from stable to positive. This change was
also explained with our better-than-expected operating performance
and the related improvement in our financial metrics.
As a result, Moody’s now places Daimler very strongly in the
A3 rating category.
Fitch Ratings (Fitch) upgraded Daimler’s long-term issuer
default rating on June 10, 2011 by one category from BBB+ to
A- and assessed the outlook for the new rating as stable. Fitch
referred to the Group’s sound financial metrics. It also recognized
our strong business development and leading position
in the relevant markets.
DBRS, the Canadian rating agency, confirmed its long-term
rating for Daimler and its related companies on October 25,
2011 at A (low) with a stable trend. DBRS noted that our
financial profile improved considerably after the deterioration
in 2009, and has now reverted to the levels of previous years.
DBRS actually assessed our financial profile as exceeding the
assigned ratings. However, the agency referred to uncertainty
regarding economic developments and the possible adverse
impact on our future earnings performance. In the event
that Daimler’s earnings momentum persists and the economic
headwinds dissipate, positive rating implications are likely.
The short-term ratings of all four rating agencies remained
unchanged in 2011.
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