Cooper-Standard Holdings Inc. ?s senior secured first-lien notes are scheduled to become current in March 2026, heightening liquidity risk. Therefore, we revised our outlook on Cooper-Standard to developing from positive and affirmed the 'CCC+' issuer credit rating. At the same time, we affirmed our 'CCC+' issue-level on the senior secured first-lien notes due in 2027; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). We affirmed our 'CCC-' issue-level rating on the senior secured third-lien notes due in 2027; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). We also affirmed our 'CCC-' issue-level rating on the company's senior unsecured notes; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). The developing outlook reflects
