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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.

Aston Martin DBX Bowmore Edition is distilled luxury with a whisky theme

Aston Martin, one of the best-known British carmakers, is joining forces with Bowmore, one of the best-known Scotch whisky distillers, to create a limited-edition version of the DBX. Designed by the company's Q division, the Bowmore Edition is a cocktail of modern luxury and old-school craftmanship for car and whisky enthusiasts alike. It takes a well-trained eye to tell the Bowmore Edition apart from the regular DBX in traffic. It's painted in a relatively subtle color named Bowmore Blue, though buyers can alternatively order Xenon Grey. Black brake calipers and black wheels come standard, but our favorite exterior feature is on the side strakes. They gain copper inlays cut out of the original Bowmore still. Q by Aston Martin badges round out the list of visual tweaks. Buyers can choose between a single- and a two-tone interior. Both feature copper and blue tweed inserts created by the Islay Woollen Mill that's located on the same island as the Bowmore distillery. More still-sourced copper accents are found on the bottom of the front cupholders and on the sill plates, and each car comes with an array of edition-specific accessories, including a tweed picnic basket and a leather holdall bag. Aston made no mechanical modifications to the DBX Bowmore Edition, so please don't pour single malt in its fuel tank. Power comes from a twin-turbocharged, 4.0-liter V8 engine borrowed from Mercedes-Benz and tuned to develop 542 horsepower and 516 pound-feet of torque. It spins the four wheels via a nine-speed automatic transmission. The DBX posts a 4.2-second sprint to 60 mph and it can tow up to 6,000 pounds when properly equipped, which represents about 2,000 bottles of whisky — or a few hundred less if you factor in the trailer. Q by Aston Martin will build 18 units of the DBX Bowmore Edition. Deliveries will take place in the fourth quarter of 2021, but customers won't simply be handed the keys before being sent home. They'll first travel to Edinburgh, Scotland, where they'll pick up their SUV. They'll then take a 170-mile road trip through the fairy tale-like Scottish countryside before boarding a ferry for Islay for a three-night stay. Participants will eat, sight-see, visit the Bowmore Distillery, and hand-fill their own bottle of 39-year-old whisky straight from the cask, which is not bad as far as souvenirs go. Pricing hasn't been released yet, but the standard DBX starts at about $190,000. Related video:

Aston Martin's AM-RB 001 hypercar will have a 6.5-liter Cosworth V12 and so much more

It's been a while since we heard any big news about the Aston Martin-Red Bull hypercar, the plainly named AM-RB 001. When it debuted last year, we got a look at the shape – and that's about it. Sure, a super-powerful V12 hybrid powertrain was promised, but we didn't have any concrete details on it or what was going into the pretty wrapper. Well, now Aston has made some announcements about partners, and they certainly have our attention: Cosworth, Ricardo, Multimatic, and Rimac. Cosworth, the famed engine supplier, will be supplying the engine. It's a 6.5-liter naturally aspirated V12. Aston had previously said the car will be a member of the one-horsepower-per-kilogram club, and so people are expecting the engine to make about 900 horsepower. It will of course be augmented by an electric motor, which will be fed by a high-performance battery from Rimac. (Yes, the same Rimac whose Concept_One has been shown in videos beating everything from Teslas to LaFerraris.) The as-yet-undefined amount of power will be routed through a seven-speed paddle-shift transmission supplied by Ricardo. And because you're going to want to stop, there will be big carbon-ceramic brakes – Alcon and Surface Transforms will supply the calipers and carbon discs. Multimatic, builders of awesome shocks, will make the carbon-fiber tub that everything goes into. Multimatic has worked with Aston in the past, including on its last limited-production vehicle, the One-77. Bosch is responsible for the ECU, traction control, and stability control. LED lights will be supplied by Wipac. So yeah, there almost aren't any high-profile companies left after this announcement. This car is going to be pretty extreme. Aston reiterates that it will build a maximum of 150for the road including prototypes, plus 25 more track-only models. They'll start going to customers in 2019. Related Video: Featured Gallery 2018 Aston Martin Red Bull AM-RB 001 Aston Martin Coupe Hybrid Lightweight Vehicles Performance Supercars aston martin am-rb 001