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BULLETIN: Delphi Corp. Ratings Unaffected By Disclosure Of Misstatements
Standard & Poors, June 2005
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) June 9, 2005--Standard & Poor's Ratings Services said today that its ratings on automotive supplier Delphi Corp. (B+/Negative/B-3) are not presently affected by the company's disclosure that it had made misstatements of its debt and liquidity position, which resulted in the overstatement of net liquidity (as defined by Delphi) by up to $374 million from 1999 through the third quarter of 2004. Our ratings incorporate the belief that the misstatements will not disrupt Delphi's $2.8 billion bank financing plans, which should be completed in the next few weeks. The successful completion of the bank financing, as currently proposed, is a critical underpinning of our ratings on Delphi because the financing is expected to provide the...
Companies mentioned in this report are: Delphi Automotive LLP
Action: Bulletin
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