S&P rates Lear notes

Standard & Poor's said it assigned its BBB- rating to Lear Corp.'s $400 million senior notes due 2014 and affirmed the BBB- corporate credit rating on the company.

Proceeds from the new debt issue will be used for general corporate purposes and, subsequently, to refinance a portion of the company's $600 million senior notes due May 2005.

The outlook is stable.

S&P said the ratings reflect Lear's moderate financial policy, which more than offsets its slightly above-average business profile.

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