American Axle Strike Enters Second Week; Still No Auto Sector Rating Impact Mar 08
Standard & Poors, March 2008
Abstract
NEW YORK (Standard & Poor's) March 7, 2008--Standard & Poor's Ratings Services said today that the American Axle & Manufacturing Holdings Inc. (BB/Negative/--) work stoppage, now in its second week, does not yet affect auto sector ratings. The strike at American Axle's U.S. United Auto Workers (UAW) plants has already forced closure of many General Motors Corp. (GM; B/Stable/B-3) plants, as well as plants of certain GM suppliers other than American Axle. GM suppliers Lear Corp. (B+/Negative/--) and Tenneco Inc. (BB-/Stable/--) have laid off workers. The strike follows the expiration of the four-year master labor agreement with American Axle. "We still expect American Axle and the UAW to reach an agreement that will reflect more competitive labor costs, but the...
Companies mentioned in this report are:
- Motors Liquidation Co. (fka General Motors Corp.)
- Lear Corp.
- American Axle & Manufacturing Holdings Inc.
- Tenneco Inc.
- Chrysler Group LLC
Action: General Comment
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Research type: News
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- Motors Liquidation Co. (fka General Motors Corp.)
- Lear Corp.
- American Axle & Manufacturing Holdings Inc.
- Tenneco Inc.
- Chrysler Group LLC
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