Aston Martin has been pushed deeper into junk bond territory after Fitch Ratings downgraded the luxury carmaker’s credit score to ‘CCC+’, citing worsening cash flow, rising financial pressures and the impact of US tariffs on its largest market.
The rating, cut from ‘B-’, reflects what Fitch described as “deteriorating liquidity” following materially weaker and negative free cash flow in the first nine months of 2026. The agency now forecasts a £400 million free cash flow shortfall in 2025, considerably worse than previously expected, and predicts that cash flow will remain negative until at least 2028, even after planned reductions in capital and operating expenditure.
Fitch also warned that US policy uncertainty poses a significant challenge for the company. Despite Aston Martin enjoying a relative advantage over European rivals under the US–UK trade agreement, tariffs introduced earlier this year have dented consumer confidence in the brand’s most important market.
The carmaker introduced an additional 3% price increase—its second hike of the year—in an attempt to offset the tariff impact. While early pre-buying activity lifted sales in the first quarter, unit volumes in the Americas slipped slightly in Q2 and the decline intensified in Q3.
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