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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.

2018 Aston Martin DB11 Volante First Drive Review | The speed of style

If you're not a car designer, chances are you've tried to draw a sportscar, and realized just how hard it is to get those proportions just right. One false line, and the sleek coupe of your imagination looks like a kumquat. So you can imagine that transforming the striking V8-powered Aston Martin DB11 coupe into an equally stunning Volante ragtop was harder than it looked, a task which required Aston designers and engineers to nip and tuck everything past the windshield. "There were lots of healthy, heated debates," lead designer Julian Nunn says of how the DB11 Volante – fancy speak for convertible – was packaged. As it sits before us on a brisk winter morning in Southern France, the British drop-top has a sleek, fleet look thanks to the elegant rake of its nose, the sharp arc of its roofline, and the taut contours of its derriere. Aston's designers nailed the proportions – it's a stunner. How they got there was a game of millimeters, starting with a minuscule lift of the haunches to accommodate the eight-layer folding soft top. To soften the look of those lifted surfaces, the wheel arches are faceted slightly inboard, lending them more depth and dimension. The convertible loses the air vent at the rear, since there's no roof to create lift; as such, the so-called AeroBlade feature which ducts air through the C-pillar is also gone. But the rear spoiler remains, automatically deploying for downforce with a speed-dependent algorithm based on driving mode. The stack height (that is, the vertical space occupied by the folding roof) measures 10 inches, the lowest in its class, which helps the DB11 achieve its graceful looks with the added benefit of keeping the center of gravity low. The top takes 14 seconds to lower, and will drop at speeds up to 31 mph. A Volante with its top down puts Aston's typically gorgeous cabin on full display: the door's brogued leather details surrounded by an improbably shaped veneer surround; the complex curvature of the veneer around the capacitive touch-sensitive infotainment interface; the improbably generous swaths of leather and Alcantara upholstering the dashboard and A-pillar surfaces. There's even, for the first time, veneer on the backs of the front seats. The tiny rear seats come with ISOFIX car seat attachments, a first in a Volante. I could go on about the DB11's unusual and intriguing aesthetic choices, but I've also got a persistent gripe with the electronic instrument cluster.

Aston Martin Vantage V12 Zagato goes back into limited production

To celebrate the 50th Anniversary of the Aston Martin DB4 GT Zagato in 2011, Aston Martin worked with Zagato Milano to create the Vantage V12 Zagato. Aston Martin made 101 of the special editions, available only as a coupe. This year, to celebrate the 100th anniversary of the Milanese design house, Swiss motorsport company AF Racing has commissioned 38 examples of the Vantage V12 Zagato, consisting of 19 coupes and 19 roadsters. The official name of the redux is Aston Martin Vantage V12 Zagato Heritage TWINS by R-Reforged. When Aston Martin originally announced production they planned to build 150 units, but for unknown reasons that number fell to 101 units. Since no specs have been mentioned, our guess is that the 6.0-liter V12 with 510 horsepower and 420 pound-feet of torque goes unchanged. As far as we can tell, the only differences between these new versions and the previous builds is that the coupe omits the rear spoiler, there's a wider selection of colors, and you can alternatively choose to take the top off. As for the entities behind this, the press release lays out a web of connections we're not totally clear on. The relevant matters are that AF Racing is a Swiss motorsport company that's a project partner on the Aston Martin Valkyrie, and it has a sub-brand called R-Reforged devoted to production-car projects. AF Racing owns a subsidiary in Germany called Vynamic that oversees four Aston Martin Vantage race cars competing in the German DTM Series. Vynamic will actually build the new V12 Zagatos. The rest of the tangled web doesn't matter. AF Racing says deliveries of the new coupes and speedsters will commence at the end of this year. No price has been mentioned, but the original coupes went for 330,000 pounds at the time, which would be $429,000 right now, and probably a good place to start.