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S&P cuts Techniplas, notes
S&P said it lowered its corporate credit rating on Techniplas LLC to B- from B and lowered the issue-level rating on the company's senior secured notes to B- from B.
The recovery rating was revised to 4 from 3, indicating an expectation for average (30%-50%; rounded estimate 40%) recovery in a default scenario.
The outlook is stable.
“The downgrade reflects our view that Techniplas' credit metrics have worsened and will likely remain weak relative to those of other auto suppliers that we rate B,” the agency said in a news release.
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