Aston Martin - comment
The financial metrics behind the downgrade from Fitch to CCC+ match our thinking. We believe a further cash injection will be needed and that further debt is not going to be a viable option. Also, the FT report is a possible signal that the imminent cash raise we have previously highlighted may be close. We see the marque as valued at around £2bn (around £500m more than current net debt). The reported discussions with Saudi PIF for a take-private underline that valuation, but we still see Geely as the final destination for the brand.
https://www.ft.com/content/d203c486-4d13-4248-af8a-61bdbefaf78e