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.
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.