Sales are set to decline for the second straight year, but a shift toward more profitable light trucks will help ameliorate the pain.
Fed on hold; lowers longer-term rate hike forecast.
ECB commences corporate bond purchases.
Headwinds including M&A, weak commodity prices, and Fed tightening should keep spreads at elevated levels.
Updates to Morningstar's Bonds to Avoid list include a handful of companies with significant downside risk for bondholders as well as removal of a name with an improved risk/reward profile.
Given our expectations of continued growth in sales and production in 2011, we review our current credit coverage list among the auto original-equipment manufacturers.