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Auto Parts Supplier Collins & Aikman Corp. Ratings Lowered May 05
Standard & Poors, May 2005
Abstract
NEW YORK (Standard & Poor's) May 12, 2005--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Troy, Mich.-based Collins & Aikman Corp. to 'CCC-' from 'CCC+'. 'The downgrade reflects our belief that this supplier of automotive interior products could be forced to seek bankruptcy protection in the near term because of severe liquidity pressures,' said Standard & Poor's credit analyst Martin King. Collins & Aikman has total debt of about $2 billion. The rating outlook is negative. Reduced automotive production, increased raw material costs, rating downgrades of its key customers, and the termination of customer's accelerated payment programs have severely constrained Collins & Aikman's liquidity. Today, the company announced the following developments: ---Collins &...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: Downgraded
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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