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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 V12 Speedster is a $950,000 exotic dream that's wild as the wind

The roofless, windshield-less, ultra-rare, ultra-expensive supercar space is getting busy. We had the Ferrari Monza SP1 and SP2; then we got the McLaren Elva, and now the Aston Martin V12 Speedster is joining the ranks. McLaren will let you add a windshield to the Elva, but there’s no mention of glass when it comes to the Aston. Invest in some sturdy goggles. Revealed at Aston MartinÂ’s Gaydon HQ (instead of the canceled Geneva Motor Show), the V12 Speedster is designed to provide the most visceral driving experience in the Aston lineup. There will only be 88 of them, and pricing starts at $950,000. ThatÂ’s an absolute bargain compared to the Elva, which has a base price of $1.69 million. But if youÂ’re considering buying one of these, its price is likely the last question youÂ’ll have. Aston says the V12 Speedster is powered by its 5.2-liter twin-turbo V12, making 700 horsepower and 555 pound-feet of torque. ThatÂ’s mated to a ZF eight-speed automatic, sending power to the rear wheels. ItÂ’ll hit 62 mph in 3.5 seconds and a top speed of 186 mph — get some heavy duty headgear for that trip. The platform itself is made by combining elements of the DBS Superleggera and Vantage. It has 21-inch forged, center-locking wheels, huge carbon ceramic brakes and adaptive dampers. But the design is what really caught our eye. ItÂ’s billed as “a living show car,” and we completely agree. The body is made almost entirely from carbon fiber. Miles Nurnberger, director of design at Aston Martin, detailed the designÂ’s inspiration in a statement. “ThereÂ’s clear lineage from the 1959 Le Mans winning DBR1 to our Centenary celebratory CC100 Speedster Concept in 2013,” Nurnberger says. “There is also a bit of 1953 DB3S in the mid-section, so it really is our latest incarnation of the Speedster concept. ItÂ’s also inspired by fighter jets as much as it is by our history, and it has been created to deliver an incredibly visceral experience, hence why it is a V12, rather than a V8.” The front hood nostril is especially eye-catching. Aston hasnÂ’t implemented this design touch on a car in a long while, and we love seeing it on a new vehicle like this. Nurnberger says it allowed for some extra space under the long hood that it needed for the V12, too. That interior is similarly stunning. ItÂ’s separated into two distinct cockpit areas by a slab of carbon fiber, but it still allows for interaction between the two people in the car below that piece.

Aston Martin signs Letter of Intent for technical partnership with AMG

A little over two months ago came reports that Daimler and Aston Martin were in talks, again, about "supply and technical-cooperation agreements." The next step has been taken with Aston Martin announcing that it has signed a Letter of Intent that looks "towards a technical partnership" with Mercedes-AMG GmbH, and the two companies aiming to have definitive agreements done by year's end.
While it will get to use certain electric and electronic components from AMG, the true golden egg for the maker of the Vanquish will be the ability to develop a new line of "bespoke V8 powertrains" that will be fitted to "a new generation of models." In return for opening up the larder, Daimler will get a non-voting stake of up to five percent of Aston Martin.
Nothing else is being said about the tie-up for the moment, but there's a press release below with a few more details.