U.S.-based TriMas Corp. is amending and extending its credit facilities in connection with the planned spin-off of TriMas' Cequent businesses into a stand-alone, publicly traded company, Horizon Global Corp. TriMas will use the proceeds from the one-time dividend received from Horizon to reduce borrowings under its existing credit facilities. We are affirming the ratings on TriMas including its 'BB-' corporate credit rating. The stable outlook reflects our view that pro forma credit measures will likely remain appropriate for the rating. On June 1, 2015, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on U.S.-based TriMas Corp. following our review of the planned spin-off of the company's Cequent businesses into a stand-alone company, Horizon Global Corp. The rating
