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BULLETIN: Delphi Corp.'s Announced Restructuring Action Has No Effect on Ratings
Standard & Poors, Oct 2003
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
NEW YORK (Standard & Poor's) Oct. 16, 2003--Standard & Poor's said today that the announcement by Delphi Corp. (BBB-/Negative/A-3) that it recorded $356 million of after-tax charges in the third quarter and that it expects to incur an additional $159 million of after-tax charges in future periods has no immediate effect on the company's credit rating or outlook. The charges cover costs associated with various actions to reduce expenses and improve productivity, including the reduction of 5,000 U.S. hourly employees, 3,000 international employees, and 500 U.S. salaried employees. The restructuring actions will require significant cash expenditures, expected to total $650 million through the end of 2004, at a time when the company has large pension funding requirements, which could total...
Companies mentioned in this report are: Delphi Automotive LLP
Action: S&P Event
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