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TEXT S P Thai floods have no rtgs impact on Japanese autos
Post on: 2011-11-02 By: admin
(The following statement was released by the rating agency)
Oct 26- Standard & Poor's Ratings Services said today that there is no
immediate impact on its ratings on Japanese automakers and suppliers after
Thailand's floods disrupted their supply chains. The floods have forced
companies including Toyota Motor Corp. (AA-/Negative/A-1+), Honda Motor
Co. Ltd. (A+/Negative/A-1), Nissan Motor Co. Ltd.
(BBB+/Stable/A-2), and Mitsubishi Motors Corp. (B+/Stable/--) to
temporarily suspend operations at their plants in Thailand. The country is the
largest manufacturing base in Southeast Asia for the Japanese automobile
industry. In some cases, the supply chain disruptions are also affecting vehicle
production outside Thailand.
In our opinion, Thailand's severe floods could slow recovery in the
profitability of Japanese automakers and suppliers, after the Great East Japan
Earthquake in March caused production cuts in the first half of the current
fiscal year (ending March 31, 2012). However, we currently do not expect the
impact of the floods to be as severe and prolonged as the production cuts that
we saw after the earthquake. This is because Thai-made parts and vehicles are
generally less difficult to replace than those made in other regions.
Therefore, we do not expect the floods to cause protracted pressure on
Japanese automakers' profitability and to have a long-term impact on their
market positions. Nevertheless, if the floods eventually result in severe and
extended production cuts that lead us to believe that they will likely impair
the automakers' profitability and market positions in a serious manner over
the long run, we may consider negative rating actions.
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