Fitch2010年6月全球汽车行业公司评级报告.pdf

Corporates  Auto Suppliers  Rating Automotive Supply Global  Sector­Specific Criteria  Companies  Sector Credit Factors  Analysts  Overview  Emmanuel Bulle This report addresses the specific credit factors used by Fitch Ratings to analyse +33 1 44 29 91 84 automotive (auto) supply companies. For the purpose of this report, auto supply emmanuel.bulle@ companies are defined as those entities that generate the majority of their sales Craig D. Fraser through the production of parts, modules or systems for auto manufacturers +1 212 908 03 10 (original equipment manufacturers — OEMs) which includes manufacturers of light craig.fraser@ vehicles and to a lesser extent, heavy and medium duty trucks. Also included are Kathleen Connelly other auto suppliers which produce replacement parts for the “aftermarkets”. +1 212 908 0290 Companies that focus on auto‐related services but lack any meaningful production kathleen.connelly@  facilities of their own are not addressed in this paper, as they usually have a Related Research different business risk profile. Corporate Rating Me thodology The report highlights the sector risk profile for auto suppliers and then defines and (November 2009) groups the ratings of companies operating in the sector into a “natural rating Interpreting the