Research Update: Cooper-Standard Holdings Inc. Outlook Revised To Positive On Recovering Credit Metrics

U.S.–based Cooper-Standard Holdings Inc.'s credit metrics improved through cost reduction initiatives and stronger production efficiency. Therefore, we revised our outlook on the company to positive from negative and affirmed our '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 and '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 positive outlook reflects the potential

...- U.S.¡based Cooper-Standard Holdings Inc.'s credit metrics improved through cost reduction initiatives and stronger production efficiency. - Therefore, we revised our outlook on the company to positive from negative and affirmed our '###+' issuer credit rating. - At the same time we affirmed our '###+' 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 '###-' issue-level rating on the senior secured third-lien notes due in 2027, the recovery ratings are unchanged at and '6' (0%-10%; rounded estimate: 0%). We also affirmed our '###-' issue-level rating on the company's senior unsecured notes, the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). - The positive outlook reflects the potential that we could raise our ratings within the next 12 months if we anticipate the company to further improve its earnings and free cash flow generation even as we expect capex to...

Research Update