Today, the New York Journal site (link) announced that Swedish Car Maker Company, Saab Automotive, is filing for bankruptcy protection and the company will file for voluntary reorganization with the Vanersborg district court Wednesday.

ASKMORE gives a snapshot right from the first page regarding the worsening performance from the year 2010 to 2009 in terms of ratings (see the modeFinance report below). According to the financial data of 2010, the MORE rating assigned to Saab is CC (Pathological) which is two classes less than the previous financial year. Both profitability indicators: ROI and ROE are showing sharp decline with “No Return” values in 2010 in comparison with the results of 2009 resulting from the significant losses at the end of 2010. The liquidity ratios of the company are also in continuously weak levels. Please also note the rating assigned to the company in 2008: D (default).