Moody's lowers Cooper-Standard

Moody's Investors Service said it lowered the probability-of-default rating of Cooper-Standard Automotive Inc. to D from Caa3, senior secured bank credit facilities to Ca (LGD3, 39%) from Caa2, guaranteed senior unsecured notes to C (LGD5, 72%) from Ca (LGD5, 72%) and guaranteed senior subordinated notes to C from Ca.

The corporate family rating was affirmed at Ca and the speculative grade liquidity rating at SGL-4.

The probability-of-default rating reflects the expiration of the 30-day grace period on the missed interest payments due June 15 under the indenture for the 7% senior notes due 2012 and 8 3/8% senior subordinated notes due 2014, according to the agency.

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