| Abstract: | On Jan. 9-13, 2009, Standard&Poor's Ratings Services took various rating actions on 17 North American auto suppliers. Most, but not all, of these companies were downgraded and removed from CreditWatch, where they had been placed in late 2008 with negative implications reflecting their exposure to General Motors Corp. (CC/Negative/--), Ford Motor Co. (CCC+/Negative/--), and Chrysler LLC (CC/Negative/--), which have themselves only recently been removed from CreditWatch negative. (For the complete list of affected companies, please see the ratings list below.) In addition to each company's financial risk considerations, the downgrades reflect the beleaguered state of the auto industry globally--characterized by declining sales and production in most major markets--and the resulting negative effect on the suppliers' business risk profiles.
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| Brief Excerpt: | RESEARCH Ratings Definitions North American Auto Supplier Rating Actions Reflect Expected Lower Auto Sales, Production In 2009 Publication date: 13-Jan-2009 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808; robert_schulz@standardan...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Capital Goods, Commercial MBS, Corporations, Financial Institutions, Global Issuers, High Technology, Metals & Mining, Structured Finance
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