S&P cuts Cooper-Standard view to negative

Standard & Poor's said it revised its outlook on Cooper-Standard Automotive Inc. to negative from stable.

The ratings on the company, including the BB- corporate credit rating, BB- senior secured credit rating, B senior unsecured debt rating and B subordinated debt rating, were affirmed.

S&P said the outlook revision reflects S&P's concerns about the company's ability to maintain credit protection measures consistent with the rating given current challenges. The company's first-quarter 2005 EBITDA was $53.5 million, after being adjusted for several nonrecurring items. This is down 21% year over year because of lower light vehicle production volumes and higher material costs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.