S&P: GM, American Axle, Lear, Tenneco on watch

Standard & Poor's said it placed the ratings on General Motors Corp., American Axle & Manufacturing Holdings Inc., Lear Corp. and Tenneco Inc. on CreditWatch with negative implications.

The agency said that the CreditWatch placement reflects its decision to review the ratings in light of the extended American Axle (BB/Watch negative) strike.

The agency said that the work stoppage that began Feb. 25 at American Axle's U.S. United Auto Workers plants has forced closure of many GM (B/Watch negative) plants, as well as plants of certain GM suppliers.

The strike began after the expiration of the four-year master labor agreement with American Axle, the agency noted.

Although S&P said it still expects American Axle and the UAW to reach an agreement that will reflect more competitive labor costs, the timing is unknown.

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