Cooper-Standard successfully refinanced its first-lien, third-lien, and unsecured note maturities. Furthermore, we expect the company to continue improving margins, which should allow it to generate sustained positive free operating cash flow (FOCF). As such, we raised our issuer credit rating on the company to 'B-' from 'CCC+'. At the same time, we raised our issue-level rating on the company?s senior secured first-lien debt to 'B-' from 'CCC+'; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 35%). The stable outlook reflects our view that the company will maintain positive FOCF generation while maintaining leverage below 6x over the next 12 months. The company successfully refinanced its first-lien notes due 2027, third-lien notes due 2027, and unsecured debt due 2026,
