S&P lowers Accuride recovery

Standard & Poor's said it revised its recovery rating on Accuride Corp.'s $310 million senior secured notes to 4 from 3 because of a higher asset-based lending commitment and increased capital leases.

The agency said the 4 recovery rating indicates an expectation that lenders would receive average recovery in the event of a payment default.

The issue-level rating on the notes remains unchanged at B.

S&P said the B corporate credit rating and stable outlook reflect Accuride's significant leverage and substantial exposure to the highly cyclical commercial-vehicle markets.

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