March 26, 2020 / 11:52 PM / 9 days ago

BRIEF-S&P Says COVID-19 Leads To Downgrades Of BMW And Daimler; Outlook On VW Now Negative

March 26 (Reuters) - S&P Global Ratings:

* COVID-19 LEADS TO DOWNGRADES OF BMW AND DAIMLER; OUTLOOK ON VW NOW NEGATIVE

* LOWERING LONG-TERM RATINGS ON BMW; DAIMLER BY ONE NOTCH, WHILE REVISING OUTLOOK ON VW TO NEGATIVE

* NEGATIVE OUTLOOKS INDICATE RISKS LINKED TO DURATION OF COVID-19 PANDEMIC & ITS IMPACT ON GLOBAL AUTO INDUSTRY & ON 3 AUTOMAKERS IN PARTICULAR

* EXPECT VOLKSWAGEN, BMW, DAIMLER TO SEE STEEP DECLINE IN REVENUE, CASH FLOW THIS YEAR ON WEAK DEMAND DUE TO COVID-19 PANDEMIC Source: bit.ly/33LZpIS Further company coverage:

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