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Aston Martin investor says demand is 'phenomenal,' returned first in China

LONDON - Carmaker Aston Martin is seeing "phenomenal" demand, boosted by a rebound in China, the company's executive chairman and billionaire investor Lawrence Stroll said on Friday. "Demand right now is phenomenal," he told the Financial Times' "The Future of the Car" digital conference. "China really returned first and strongest, and is gangbusters." Stroll led a consortium which invested in Aston earlier this year as the carmaker struggled following its 2018 stock market flotation, after which its share price slumped. Since then a new chief executive has taken over and the 107-year company, famed for being fictional agent James Bond's car of choice, did a deal in October which sees German carmaker Daimler up its stake in the firm. Shareholders approved the latest capital injection plan on Friday. Stroll said Aston's current growth trajectory meant "the public markets are the right place" for the firm whilst eying an increase in the value of its shares, which stand at 79 pence ($1.06). "They'll be significantly worth more than they are today," he said. Reporting by Costas Pitas, editing by David Milliken and Louise Heavens

Aston Martin reveals Vanquish Zagato Speedster, confirms Shooting Brake

Today is a big day for fans of Zagato-bodied Aston Martins. The company has revealed the production version of the Vanquish Zagato Volante (the gray car above), a soft-top version of the beautiful Vanquish Zagato Coupe. It has the same 580-horsepower V12 as every Vanquish Zagato has, as well as a customized interior covered in so many "Z"s you'd think it was actually an Aston Martin Zoro. It's in production now, but every example has already sold out. It isn't the only open air Zagato to be shown today, though. Aston announced it is expanding its line of limited production Vanquish Zagatos with a Speedster and an upcoming Shooting Brake. View 7 Photos The Speedster (the red car shown here) makes its full debut this week, and unsurprisingly it looks both gorgeous and very similar to the Zagato coupe, and especially the Zagato Volante convertible. The key difference is that this open-top Zagato has dual cowls finished in exposed carbon fiber that flow back from the seats. Zagato says these are reminiscent of the "double-bubble" roof the company is known for, but seeing as this is also a traditional speedster cue, it seems more like marketing serendipity. That doesn't make it less beautiful, of course. It's also the rarest example of the Vanquish Zagato, as only 28 examples will be built, while the Coupe, Volante, and Shooting Brake will each be made in batches of 99. Like the Volante, all Speedsters have been sold. There's yet one more Aston Martin Vanquish Zagato that hasn't entered production, and presumably hasn't sold out yet: the Shooting Brake. As one would expect from a car with the Shooting Brake moniker, it will be a sporty wagon. It will still be a two-seater, which means it should have an impressive amount of cargo space. That storage can be accessed via a powered hatch, and it can be filled with custom made luggage from Aston Martin. The long swooping roof also features the double-bubble design, and consists of plenty of glass to let in light. Though the car hasn't had a real-life reveal yet, Aston Martin has provided a rendering shown above to illustrate what it will look like. We're rather smitten with the look. We also expect to see the production car revealed next year when production begins. Related Video: Featured Gallery Aston Martin Vanquish Zagato Volante View 14 Photos Image Credit: Aston Martin Aston Martin Convertible Hatchback Wagon Luxury Supercars zagato aston martin vanquish aston martin vanquish zagato

Bond, junk bond? Aston Martin financial ratings go south as it awaits DBX

Ratings agencies Standard & Poor's and Moody's have taken a dim view of Aston Martin Lagonda. S&P cut its credit rating on the storied carmaker deeper into junk territory this week, and Moody's revised its credit outlook to "negative" after the company raised $150 million in debt from a bond issue at 12% interest, with the option to raise another $100 million at 15%. The Standard & Poor's rating was trimmed by one notch to 'CCC+', which reflects substantial risks and takes it close to default territory after a faster-than-expected cash burn this year. The outlook is negative.  The negative outlook reflects ongoing pressure on profits, a high cash burn, and very high leverage in the face of heightened risks linked to a potential no-deal Brexit and new tariffs on car imports threatened by the United States. The potential salvation for the company is its new DBX luxury SUV, the success of which is critical to its ambitious growth strategy and ongoing creditworthiness, S&P said. But Moody's noted that it's burning cash at a high rate as it nears the launch of the DBX. The British carmaker, known as James Bond's favorite marque, has been hit by falling demand in Europe, the Middle East and Africa. It slumped to a first-half loss in July. Chief Executive Andy Palmer said concerns around Brexit and U.S.-China trade relations were skewing the outlook to the downside, so it was prudent to address investor concerns about its balance sheet. "Taking this debt on — short-term debt — is we think the correct tool to completely remove that thesis that we don't have sufficient liquidity," he told Reuters. "In every substantial and material way, this ensures that we can get through to DBX in spite of what all of those global uncertainties might throw at us." The main tranche comprises notes with an interest rate of 12% due in 2022, while the additional notes could be issued under the same terms if permitted, or could be issued as unsecured notes with an interest rate of 15%, Aston Martin said. Shares of stock in the company, which have had a precipitous fall since they listed in London in October 2018 at 19 pounds, were trading down 5% at 545 pence in early deals. Broker AJ Bell said Aston Martin was known for its high end prices and that situation now also applied to its debt. "These rates are very high and are a major red flag that investors consider the car company to be a high risk entity," it said.