S&P lowers Dayco, loan

S&P said it lowered its corporate credit rating on Dayco LLC to B from B+ and lowered the issue-level rating on the company's term loan to B from B+.

The recovery rating remains 4, indicating an expectation of average recovery (30%-50%; rounded estimate: 40%) in the event of a payment default.

The outlook is stable.

“The downgrade reflects our expectation that Dayco's credit metrics will likely remain weak relative to those of auto suppliers that we rate B+,” the agency said in a news release.

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