Moody's cuts Commercial Vehicle to SGL-3

Moody's Investors Service said it lowered Commercial Vehicle Group, Inc.'s speculative grade liquidity rating to SGL-3 from SGL-2 to reflect the nearing maturity of the company's revolver in April 2014.

Concurrently, Moody's affirmed all long-term ratings, including the B2 corporate family rating.

The outlook is stable.

"While we do not view revolving credit facilities with near-term maturities as a source of liquidity under our SGL framework, the affirmation of the long-term ratings reflects our view that CVGI will maintain sufficient liquidity to cover its cash needs as it continues to deal with challenging end market conditions," Ben Nelson, Moody's lead analyst for Commercial Vehicle, said in a news release.

© 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.