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Moody's revises Standard Motor PD to Caa3/LD
Moody's Investors Service said it revised Standard Motor Products' probability-of-default rating to Caa3/LD, and affirmed its subordinated debentures due 2009 at Caa3 (LGD4, 59% from LGD3, 35%) and its corporate family rating at Caa2.
The outlook remained negative.
The action follows the close of Standard Motor's exchange offer of a portion of the outstanding 6¾% debentures due in 2009 for a like principal amount of $12.3 million of 15% new debentures due in 2011 (unrated), according to the agency.
Moody's said it considers the transaction a distressed exchange on the 2009 debentures. The probability-of-default rating will revert to Caa3 in three business days.
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