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S&P rates American Axle loan BB
Standard & Poor's said it assigned its BB rating to American Axle & Manufacturing Inc.'s proposed $250 million senior unsecured term loan due 2012.
The parent company, American Axle & Manufacturing Holdings Inc., is the guarantor, the agency said, noting that proceeds are expected to be used to repay existing debt.
In addition, the BB corporate credit ratings on American Axle and its parent company were affirmed, S&P said.
The outlook is negative.
The ratings on American Axle reflect the risks associated with the company's heavy dependence on General Motors Corp. (B/negative/B-3) SUVs and pickup trucks, current relatively narrow product range and exposure to cyclical and competitive markets, S&P said, adding that these factors are tempered by American Axle's high market shares and value-added product portfolio and good R&D capabilities.
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