Fitch Sees 3% FY15 U.S. Auto Sales Growth

Global demand for new vehicles will see a slight uptick in 2015 and support the current credit ratings of automakers, a major rating agency said Monday.

Fitch Research maintained a stable outlook for the automotive sector overall, with a positive outlook in Europe and a stable outlook in the United States and Japan.

U.S. light vehicle sales are expected to notch their sixth consecutive year of growth next year, increasing 3 percent to 16.8 million units.

But Fitch said as sales approach their pre-recession peak, U.S. manufacturers will need to adjust from what has been a growth environment to "a more steady-state situation."

Restructuring and cost-cutting in the past couple of years are bolstering profitability, and Fitch doesn't expect any manufacturer to post operating losses in 2015

But several manufacturers Fitch didn't name will increase both investment and cash returned to shareholders. Those developments "could constrain free cash flow improvement" and hinder the reduction of debt ratios, Fitch said.

Sales in Europe should grow 4.5 percent to 5 percent, with further increases in 2015. In Brazil and Russia, 2015 sales will be weak, while in China, auto sales growth will slow to about 6 percent, according to Fitch.