Standard & Poor's puts GM rubber suppliers on 'watch' list
ERJ staff report (DS)
New York -- Standard & Poor's Ratings direct service said yesterday that Standard & Poor's Ratings Services has placed the ratings on several North American auto suppliers on CreditWatch with negative implications as a result of their significant exposure to General Motors Corp. (CCC+/Negative/--), Ford Motor Co. (B-/Watch Neg/--), and Chrysler LLC (CCC+/Negative/--). Other auto suppliers were already on CreditWatch, in part because of their exposure to the three automakers.
The rubber-related companies affected by the warning are:
- Cooper-Standard Automotive Inc
- Federal-Mogul Corp.
- Goodyear Tire & Rubber Co
- Johnson Controls Inc.
- Tenneco Inc.
Other companies in the US auto supplier sector put on watch by S&P are
- ArvinMeritor Inc.
- BorgWarner Inc.
- Hayes Lemmerz International Inc.
- Lear Corp.
- MetoKote Corp.
- Shiloh Industries Inc.
- Stoneridge Inc.
- Visteon Corp.
Goodyear has said publicly that it feels the 'watch' status is unjustified.
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Press release from Standard & Poor's
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