S&P lowers Advanced Accessory

Standard & Poor's said it lowered its corporate credit ratings on Advanced Accessory Systems LLC and its parent, Advanced Accessory Holdings Corp., to CCC+ from B.

Advanced Accessory Systems LLC's $150 million 10.75% senior unsecured notes were cut to CCC- from CCC+, and Advanced Accessory Holdings' $88 million senior unsecured discount note due 2011 were downgraded to CCC- from CCC+.

The outlooks are negative.

S&P said the actions reflected heightened concerns about the effect on Advanced Accessory Systems' operating performance, cash flow generation and liquidity of difficult industry conditions in the North American automotive market. The company had total balance sheet debt of $257 million at Dec. 31, 2004, including $56 million of senior discount notes issued in 2004 by Holdings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.