Moody's assigns Affinia notes B1

Moody's Investors Service said it has assigned a provisional B1 prospective rating to Affinia Group Inc.'s proposed $225 million of senior secured notes.

In a related action, Moody's said it affirmed Affinia's corporate family rating and probability of default rating at B2, the Ba2 rating on the existing bank credit facilities, the B3 rating on the subordinated notes, and the SGL-3 speculative-grade rating.

The outlook remains negative.

The proposed senior secured notes, combined with funds from other sources, will be used to refinance Affinia's existing senior secured bank credit facilities, the agency noted.

The affirmation of Affinia's B2 corporate family rating reflects the relative stability of the company's automotive aftermarkets business, which has supported the company's ability to maintain credit metrics consistent with the assigned rating, Moody's said.

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