Research Update: Ratings On GM, American Axle, Lear, Tenneco Stay On Watch Neg On Tentative Axle/UAW Labor Pact May 08
Standard & Poors, May 2008
Abstract
On May 19, 2008, Standard & Poor's Ratings Services said that its ratings on General Motors Corp. (GM), American Axle & Manufacturing Holdings Inc. (Axle), Lear Corp., and Tenneco Inc. remain on CreditWatch with negative implications, pending the outcome of a vote on the tentative labor agreement between the United Auto Workers (UAW) and Axle, and our review of the four companies' financial profiles. The ratings on all four companies were placed on CreditWatch negative on March 17, sparked by a work stoppage at many of Axle's UAW-represented plants in New York and Ohio. Axle and the UAW announced the tentative agreement on a new labor contract, but did not disclose details. Local unions are scheduled to vote on the...
Companies mentioned in this report are:
- American Axle & Manufacturing Holdings Inc.
- Motors Liquidation Co. (fka General Motors Corp.)
- Lear Corp.
- Tenneco Inc.
Action: CreditWatch Update
Action: On CreditWatch: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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- American Axle & Manufacturing Holdings Inc.
- Motors Liquidation Co. (fka General Motors Corp.)
- Lear Corp.
- Tenneco Inc.
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