Tear Sheet: Cooper-Standard Holdings Inc.

The company?s earnings improved through the first three quarters of 2023, growing to an S&P Global Ratings-adjusted EBITDA margin of 6.9% for the 12 months ended Sept. 30, 2023, compared to 1.4% in the same prior-year period. This was due primarily to stronger volumes and mix, completion of commercial contract negotiations, and operational cost savings. These improvements were partially offset by ongoing labor and energy inflation. The company completed the majority of its customer negotiations and expects that approximately 70%-75% of the prices adjustments will carry forward into 2024. Despite this, we remain cautious in our margin forecast given the three large Detroit original equipment manufacturers (OEMs; Ford Motor Co., General Motors Co., Stellantis N.V.) could look to offset some

...Foreign currency issuer credit rating ###+/Negative/-- Local currency issuer credit rating ###+/Negative/-- Business risk Weak Country risk Low Risk Industry risk Moderately High Risk Competitive position Weak Financial risk Highly Leveraged Cash flow/leverage Highly Leveraged Anchor b- Diversification/portfolio effect Neutral/Undiversified Capital structure Neutral Financial policy Neutral Liquidity Adequate Management and governance Neutral Comparable rating analysis Neutral Stand-alone credit profile ###+...

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