Research Update: American Axle & Manufacturing Holdings Inc.'s $400 Million Senior Unsecured Notes Assigned 'B' Rating; (Recovery: '6') Feb 13
- Language: English
- Published: February 2013
- Region: United States
We believe the gradual recovery in light-vehicle demand in North America and a reduced cost structure continue to help Michigan-based auto supplier American Axle improve its credit measures. We see leverage declining over the next 12 months as revenue growth translates into higher EBITDA, even if EBITDA margins do not remain at current levels. We are raising our corporate credit rating to 'BB-' from 'B+'. The rating outlook is stable, reflecting that the company's financial measures stay within expectations for the current rating. NEW YORK (Standard & Poor's) June 7, 2011--Standard & Poor's Ratings Services said today that it raised its corporate credit rating on American Axle & Manufacturing Holdings Inc. to 'BB-' from 'B+'. The outlook is stable. At...
Companies mentioned in this report are: American Axle & Manufacturing Holdings Inc.
Action: Outlook: Stable
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Research type: News
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American Axle & Manufacturing Holdings Inc.