Moody’s lifts American Axle, debt

Moody's Investors Service said it upgraded American Axle & Manufacturing Holdings, Inc.'s ratings, including the corporate family and probability of default ratings to Ba3 and Ba3-PD from B1 and B1-PD, respectively.

In a related action, the agency upgraded American Axle's senior unsecured ratings to B1 from B2 and affirmed the speculative grade liquidity rating at SGL-2.

The outlook was revised to stable from positive.

Moody’s said the upgrade of American Axle's corporate family rating to Ba3 reflects the anticipation that the company's progress on attaining stronger profit margins and free cash flow generation will be sustained over the long-term. While growth in North American automotive demand is expected to soften in 2015, American Axle is positioned on key platforms experiencing growing demand with its largest customer.

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