In financial year 2018, the credit ratings of Daimler AG remained unchanged with all the agencies we have engaged to provide ratings. At the end of 2018, therefore, the outlook for Daimler AG was assessed as “stable” by the five agencies listed below. (See table B.31)
B.31 Credit ratings
| ||End of 2018 ||End of 2017 |
| || || |
|Long-term credit rating || || |
|S&P ||A ||A |
|Moody’s ||A2 ||A2 |
|Fitch ||A– ||A– |
|Scope ||A ||A |
|DBRS ||A ||A |
| || || |
|Short-term credit rating || || |
|S&P ||A-1 ||A-1 |
|Moody’s ||P-1 ||P-1 |
|Fitch ||F2 ||F2 |
|Scope ||S-1 ||S-1 |
|DBRS ||R-1 (low) ||R-1 (low) |
Moody’s Investors Service (Moody’s) affirmed its A2 long-term rating for Daimler AG and its rated subsidiaries on February 9, 2018. Moody’s pointed out that Daimler’s credit metrics place the Group solidly in the A2 rating category. The stable outlook reflects Moody’s expectation that Daimler’s business setup has the capacity to successfully meet the upcoming challenges in the automobile markets.
On June 14, 2018, the European agency Scope Ratings (Scope) affirmed its issuer rating of A on Daimler AG and its financing subsidiaries. Scope emphasized our company’s track record in recent years and expects that Daimler will continue to maintain the strong market positions held by Mercedes-Benz Cars and Daimler Trucks. Furthermore, Scope assesses Daimler’s financial risk profile as very strong.
On May 23, 2018, Fitch Ratings (Fitch) once again affirmed its long-term issuer default rating for Daimler AG of A- with a stable outlook. Fitch stated that the rating reflects Daimler’s strong business profile and robust credit metrics. In addition, Fitch pointed out the wide geographical and product diversification of Daimler.
On December 19, 2018, S&P Global Ratings (S&P) also affirmed its long-term corporate rating of A for Daimler AG and underscored its leading position among the premium automobile and truck manufacturers. S&P assumes that Daimler will be able to maintain its competitive position. In addition, S&P anticipates the continuation of very good financial metrics. The business risk of Daimler AG is assessed as “satisfactory” and the financial risk as “minimal”.
The Canadian agency DBRS confirmed its issuer rating and senior debt rating of Daimler AG at A with stable trends in a press release on November 29, 2018. The confirmation of the ratings from the previous year was based on a solid business risk assessment with commensurate financial risk.
The short-term ratings of Daimler AG and its financing companies were unchanged with all five rating agencies in 2018.