Aston Martin Holdings (UK) Ltd, the designer and manufacturer of luxury handcrafted sports cars, today welcomed the decision by S&P Global Ratings to upgrade its credit rating for the company.
S&P has upgraded the company and its senior secured notes to ‘B’ from ‘B-‘, on the back of a consistent improvement in its operating and financial performance. In 2017, Aston Martin delivered record revenues, with profits growing by a quarter of a billion pounds as unit sales exceeded 5,000 for the first time since 2008.
Aston Martin President and CEO, Dr Andy Palmer – speaking at the Geneva International Motor Show last week – announced that the turnaround of the company is complete and that the company is now entering an exciting phase of its Second Century Plan which offers compelling growth opportunities. The DB11 has enjoyed strong demand across the V12, V8 and new Volante variants, the new Vantage has been revealed to critical acclaim and the next model under the brand’s Second Century plan, the replacement to the Vanquish, is on schedule to be revealed later this year.
Mark Wilson, Executive Vice President and Chief Financial Officer, commented:
Following a landmark financial year for Aston Martin, this credit rating upgrade is recognition that Aston Martin continues to deliver successfully on the Second Century Plan and exceed expectations.
S&P Global Ratings commented:
The company’s operating results for 2017 were significantly stronger year over year and better than we expected. The company was also able to generate positive free operating cash flow one year earlier than expected.
Note: Press release courtesy Aston Martin.