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Allison Transmission Inc. Rating Cut To 'B' From 'B+' As Commercial Truck Ind'y. Woes Keep Leverage High; Otlk Negative
Standard & Poors, March 2009
Abstract
NEW YORK (Standard & Poor's) March 10, 2009--Standard & Poor's Ratings Services today said it has lowered its corporate credit rating on Allison Transmission Inc. to 'B' from 'B+'. At the same time, we lowered our issue-level ratings on the company's debt, reflecting the downgrade of the corporate credit rating as well as revised recovery expectations. The outlook is negative. 'The downgrades reflect our concern about Allison's high leverage, which we believe will increase during 2009 because of very weak industry demand for commercial vehicles in the company's core North American markets,' said Standard & Poor's credit analyst Gregg Lemos Stein. The company provides automatic transmissions for commercial, off-highway, and military vehicles. Allison has maintained good margins amid the current...
Companies mentioned in this report are: Allison Transmission Inc.
Action: Downgraded
Action: Outlook: Negative
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.
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