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ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC

(AML)
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Aston Martin rating cut deeper into junk amid Brexit, tariff worries - S&P

09/25/2019 | 06:50am EST

LONDON (Reuters) - Ratings agency Standard & Poor's has cut its credit rating on storied carmaker Aston Martin Lagonda Holdings deeper into junk territory on Wednesday amid concerns over the UK's exit from the European Union and threat of U.S. tariffs.

The ratings agency trimmed its rating by one notch to 'CCC+', which reflects substantial risks and takes it close to default territory after a faster-than-expected cash burn this year. The outlook is negative.

The move comes as the luxury carmaker raised $150 million (120 million pounds) from a bond issue, with the option to raise another $100 million if order targets are met, to bolster its cash in a uncertain trading environment.

The negative outlook reflects ongoing pressure on profits, a high cash burn, and very high leverage in the face of heightened risks linked to a potential no-deal Brexit and new tariffs on car imports threatened by the United States.

In addition, the company is about to launch its new DBX luxury SUV, the success of which is critical to its ambitious growth strategy and ongoing creditworthiness, it said.

(Reporting by Josephine Mason, editing by Karin Strohecker)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -1.90% 1393 Delayed Quote.2.96%
EURO / BRITISH POUND (EUR/GBP) -0.04% 0.83439 Delayed Quote.-0.57%
LETS HOLDINGS GROUP CO., LTD. 0.66% 7.59 End-of-day quote.3.97%
LOOK HOLDINGS INCORPORATED 1.57% 1158 Delayed Quote.-6.15%
NEXT PLC -2.97% 7444 Delayed Quote.-8.86%
TOWNEBANK -0.32% 34.38 Delayed Quote.8.83%
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01/07Aston Martin Lagonda Global Holdings plc Reports Trading Results for the Fiscal Year 20..
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Financials
Sales 2021 1 122 M 1 534 M 1 534 M
Net income 2021 -198 M -270 M -270 M
Net Debt 2021 886 M 1 211 M 1 211 M
P/E ratio 2021 -7,66x
Yield 2021 -
Capitalization 1 622 M 2 218 M 2 218 M
EV / Sales 2021 2,24x
EV / Sales 2022 2,00x
Nbr of Employees 2 342
Free-Float 46,2%
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Technical analysis trends ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 1 393,00 GBX
Average target price 1 977,75 GBX
Spread / Average Target 42,0%
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Managers and Directors
Tobias Moers Chief Executive Officer & Executive Director
Kenneth David Matheson Gregor Chief Financial Officer & Executive Director
Lawrence Sheldon Strulovitch Executive Chairman
Nick Lines Chief Technical Officer & Vice President
Michael Straughan Chief Operating Officer
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