S&P trims APC Automotive

S&P said it lowered its ratings on APC Automotive Technologies Intermediate Holdings LLC, including the issuer credit rating, to CCC from CCC+ and the issue-level rating on the company’s first-lien debt to CCC from CCC+.

The agency said it sees a higher risk of distressed exchange, citing second-quarter results that showed a continued decline in margins, negative free cash flow and a larger-than-expected draw on APC’s asset-backed revolver.

The outlook is negative.

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