S&P lowers Cooper Tire´s credit rating to ´junk´ status

Findlay, Ohio — Cooper Tire & Rubber Co. has been downgraded to “junk” credit rating status by Standard & Poor’s, which cited the tyre maker’s “poor near-term earnings and cash flow prospects.”

A junk rating can make borrowing more expensive for a company. S&P noted Cooper has about $720 million in debt, and its rating outlook is negative. In the rating change, S&P lowered its corporate credit and senior unsecured ratings to a speculative-grade “BB+” from “BBB-.”

“The rating actions result from the poor near-term earnings and…

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