Novi, Mich.-based auto supplier Cooper-Standard Holdings Inc. is continuing to restructure its existing operations, especially in Europe, and expand into major, fast-growing markets, such as China and India. To support these strategies, Cooper-Standard's capital expenditures (capex) will continue to be elevated compared with its long-term trend in 2015 and 2016. We are affirming our 'BB-' corporate credit rating on Cooper-Standard Holdings Inc. The stable outlook reflects our expectation that Cooper-Standard should continue to generate EBITDA margins above 10% as it invests in transferring capacity to low-cost regions and works to implement better operating efficiencies at its manufacturing facilities. On May 18, 2015, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Cooper-Standard Holdings Inc. The outlook remains
