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S&P: Visteon unaffected
Standard & Poor's said its rating and outlook on Visteon Corp. (B+/negative/B-2) will not be immediately affected by the company's announcement of weaker-than-expected earnings for fiscal 2005 ended Dec. 31.
Visteon reported EBIT-R, EBIT before restructuring charges, of negative $164 million, which was lower than its guidance of negative $125 million, the agency said.
S&P added the pro forma EBIT-R measure takes into account the completion of a deal with Ford Motor Co. (BB-/negative/B-2) that transferred several unprofitable plants and businesses to a Ford-managed entity.
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