{"id":12417,"date":"2023-09-16T07:44:52","date_gmt":"2023-09-16T07:44:52","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/uaw-strike-to-have-limited-impact-on-big-three-with-only-three-plants-affected-for-now-fitch\/"},"modified":"2023-09-16T07:44:53","modified_gmt":"2023-09-16T07:44:53","slug":"uaw-strike-to-have-limited-impact-on-big-three-with-only-three-plants-affected-for-now-fitch","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=12417","title":{"rendered":"UAW strike to have limited impact on Big Three, with only three plants affected for now: Fitch"},"content":{"rendered":"
\n

Fitch Ratings said Friday the targeted strikes by auto workers represented by the United Auto Workers union will have a limited financial impact on the Big Three carmakers, with only one of each of their plants affected for now.<\/p>\n

Nearly 13,000 U.S. auto workers went on strike early Friday after the three automakers and the UAW failed to reach an agreement before their national contract expired just before midnight. <\/p>\n

\n

Workers at a Ford Motor Co.
\n F,
\n -0.08%<\/bg-quote>
\n \u00a0plant in Michigan, a General Motors Co.
\n GM,
\n +0.86%<\/bg-quote>
\n plant in Missouri and a Stellantis N.V.\u00a0
\n STLA,
\n +2.18%<\/bg-quote>
\n plant in Ohio are the first to put down tools, although UAW President Shawn Fain has said others could join later and asked all 150,000 members to be ready if and when they\u2019re called to strike.<\/p>\n

A strike at all three U.S. carmakers is a break with tradition, as the union for many years has elected to center strike efforts at one company to protect its strike fund and picket-line firepower.<\/p>\n

For more, read:<\/strong> UAW strike: 12,700 Ford, GM and Stellantis auto workers walk off the job<\/p>\n

\u201cIt seems likely the\u00a0UAW\u00a0will try to ratchet up pressure on the automakers over time by shifting the strike to more impactful plants and adding more plants to the strike,\u201d Stephen Brown, a senior director at Fitch, said in emailed comments. \u201cThe impact on the automakers of striking individual plants could be similar to the semiconductor-induced disruptions that we saw over the past few years.\u201d <\/p>\n

Fitch has already incorporated the potential impact of strikes in its recent decision to upgrade its ratings of Ford and GM, he said. <\/p>\n

\u201cFord, GM and Stellantis all have robust liquidity positions that will help them to withstand a potentially drawn-out period of production disruption. Based on June 30 figures, we estimate Ford has over $50 billion of cash and credit facility capacity, while GM has nearly $40 billion,\u201d said Brown.<\/p>\n

Fitch upgraded its ratings on Ford to BBB- from BB+ in early September, restoring it to investment grade from speculative, or \u201cjunk,\u201d status. The move \u201creflects Fitch\u2019s view that the supply chain challenges and resulting production volatility of the past two years have largely abated. It also reflects Fitch\u2019s expectation that the company\u2019s [earnings before interest and taxes] margins, [free cash flow] margins and leverage will all remain stronger over the intermediate term than those outlined in Fitch\u2019s previous positive rating sensitivities,\u201d the agency wrote at the time.<\/p>\n

Fitch also upgraded GM in September to BBB from BBB-. <\/p>\n

\u201cGM continues to maintain a strong liquidity position and a balanced capital allocation policy that prioritizes financial flexibility and low leverage,\u201d it said at the time. <\/p>\n

Ford shares were up 0.3% Friday, while GM was up 1.3% and Stellantis was up 1%., <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings said Friday the targeted strikes by auto workers represented by the United Auto Workers union will have a limited financial impact on the Big Three carmakers, with only one of each of their plants affected for now. Nearly 13,000 U.S. auto workers went on strike early Friday after the three automakers and the […]<\/p>\n","protected":false},"author":1,"featured_media":12418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-12417","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nUAW strike to have limited impact on Big Three, with only three plants affected for now: Fitch | Prosfunds<\/title>\n<meta name=\"description\" content=\"Fitch Ratings said Friday the targeted strikes by auto workers represented by the United Auto Workers union will have a limited financial impact on the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=12417\" \/>\n<meta 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