Printer Friendly

DUFF & PHELPS: DUFF & PHELPS UPGRADES CHRYSLER AND CHRYSLER FINANCIAL

 CHICAGO, Feb. 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has raised the ratings of Chrysler and Chrysler Financial Corporation as follows:
 Class To From
 Chrysler Corporation: Senior Debt BB+ BB-
 Auburn Hills Trust Ctf. BB+ BB-
 Chrysler Financial: Senior Debt BBB- BB+
 Sr./Jr. Sub. Debt BB+ BB
 Approximately $9 billion of publicly-traded debt securities are affected by the upgrades. All of these ratings have been removed from Rating Watch - Favorable. Chrysler Financial's commercial paper rating has been reaffirmed at Duff 3.
 Chrysler Corporation should benefit over the next few years from a strengthening balance sheet and improving cash flow. A substantial portion of the $2 billion in proceeds from the recent common equity offering will be contributed to the underfunded pension plans, helping to allay concerns that future contributions required under ERISA would detract appreciably from needed product spending. In addition, recent and prospective offerings of new models in high margin and growing segments position the company to garner wider margins on a per unit basis.
 Chrysler Financial's ratings remain closely tied to Chrysler's as most of its receivables are Chrysler-related. Chrysler Financial has also made strides in improving its financial flexibility by extending its bank revolver, re-entering the term debt market, and completing substantial non-auto asset sales.
 -0- 2/10/93
 /CONTACT: Daniel J. Donoghue, CFA-CPA of Duff & Phelps, 312-368-3121/
 (C)


CO: Chrysler Corporation; Chrysler Financial Corporation ST: Michigan IN: AUT SU: RTG

LD -- NY092 -- 5331 02/10/93 16:23 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1993
Words:244
Previous Article:CHANCELLOR ANNOUNCES RENEWAL OF CREDIT FACILITY
Next Article:LEADING ECONOMIC CONSULTING FIRM THE WEFA GROUP FACES SUIT SEEKING OVER $50 MILLION IN ACTUAL AND PUNITIVE DAMAGES
Topics:


Related Articles
DUFF & PHELPS RATES $250 MILLION CHRYSLER FINANCIAL NOTES
DUFF & PHELPS: PREMIER AUTO TRUST 1993-5 ISSUES WITH 100 PERCENT PRE-FUNDING ACCOUNT
DUFF & PHELPS UPGRADES CHRYSLER AND CHRYSLER FINANCIAL
DUFF & PHELPS: THE TRAVELERS INC. SENIOR DEBT RATING UPGRADED FROM 'A' TO 'A+,' SUBORDINATED DEBT RATING UPGRADED FROM 'A-' TO 'A,' PREFERRED STOCK...
DUFF & PHELPS: NORWEST CORPORATION $100 MILLION FLOATING-RATE NOTES RATED 'AA'
DUFF & PHELPS PLACES CHRYSLER AND CHRYSLER FINANCIAL ON RATING WATCH - DOWN
DCR PLACES SELECTED CERTIFICATES OF CFC'S PREMIER AUTO TRUSTS AND GMAC'S CARAT TRUSTS ON RATING WATCH-UP
DCR UPGRADES CERTAIN SUBORDINATED TRANCHES OF CHRYSLER'S PREMIER AUTO TRUST
DCR Rates Chrysler Financial Corp.'s $300 Million Senior Note Offering 'A-'
DCR Assigns Ratings to Premier Auto Trust 1998-4

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters