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Bond Market News
Aston Martin Downgraded to CCC+ by Fitch
November 14, 2025
Aston Martin was downgraded by a notch to CCC+ from B- by Fitch. The downgrade reflects a sharp deterioration in liquidity and sustained negative free cash flow. The company reported a free cash flow (FCF) outflow of £415mn ($545.7mn) in the first nine months of 2025, leaving liquidity at just £248mn ($326.1mn) at end-September, despite capital raises and proceeds from an F1 stake sale. Fitch now projects continued negative FCF until 2028 due to weaker demand, pricing pressure, recalls and ongoing dealer support. Liquidity headroom is considered minimal, with no undrawn credit lines and part of reported cash tied to customer deposits for the Valhalla engines. Fitch expects operating margins to decline sharply in 2025 and recover modestly in 2026 as the Valhalla contributes, but profitability is said to remain well below earlier expectations. The company remains dependent on shareholder funding. While the Yew Tree Consortium has demonstrated continued support through repeated capital increases, Fitch expects significant further injections will be needed in 2026–2027. Additional borrowing is seen as less feasible, given high interest costs and the impact on leverage and break-even levels. In the US, tariff-related uncertainty is weighing on demand despite price hikes. The company was downgraded by S&P to CCC+ last month.
Its 10% 2029s traded stable at 86.9 cents on the dollar, yielding 15.1%.
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