Moody’s trims Cooper-Standard

Moody's Investors Service said it downgraded Cooper-Standard Automotive Inc.'s ratings, including corporate family rating and probability of default ratings to B3 and B3-PD, from B2 and B2-PD, respectively

The agency also lowered the senior unsecured note rating to Caa1 from B3.

Moody's affirmed the senior secured rating at Ba3.

Cooper-Standard's speculative liquidity rating remains SGL-3.

The outlook is negative.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets,” the agency said in a news release.

“The combined credit effects of these developments are unprecedented. The auto sector (and issuers within other sectors that rely on the auto sector) has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”

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