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BULLETIN:Delphi Automotive Systems Corp. Announces After-Tax Charge
Standard & Poors, March 2001
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Corporate credit rating: BBB/Stable/- Delphi Automotive Systems Corp. yesterday announced that it is planning to take a $400 million after-tax charge to cover restructuring actions, including the sale, closure, or consolidation of nine plants; a downsizing of the workforce; and the exit from selected products. In addition, the company announced that its earnings for the first quarter of 2001 are likely to be below previously expected levels. The company's ratings and outlook are unaffected by the announcements. However, the excess debt capacity factored into Delphi's existing ratings will be reduced somewhat in the near term due to the cash costs associated with the restructuring actions and the reduced earnings outlook. Over the longer term, the restructuring actions should lead to...
Companies mentioned in this report are: Delphi Automotive LLP
Action: S&P Event
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