Moody’s revises TI Group view to stable

Moody’s Investors Service said it revised the outlook to stable from under review and confirmed the ratings of TI Group Automotive Systems LLC’s corporate family and probability of default ratings at B1 and B1-PD, respectively and senior secured at B1.

The speculative grade liquidity rating remains SGL-3.

This action concludes the review for downgrade started on March 26.

“The stable outlook reflects TI Group’s well-positioned credit metrics entering 2020 and strong cash balances. This operating flexibility will help mitigate lower near-term profit levels as the automotive industry gradually recovers through 2020, from potential interruptions from brief spikes in coronavirus infection rates and from potentially slower recovering vehicle demand with more extended recessionary conditions from job losses,” Moody’s said in a press release.

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