S&P drops Cooper-Standard

Standard & Poor's said it lowered its corporate credit rating on Cooper-Standard Automotive Inc. to B from B+ and removed the rating from CreditWatch with negative implications, where it was placed Aug. 21, following Ford Motor Co.'s announcement of sharp fourth quarter production cuts.

The outlook is stable.

"The downgrade reflects our view that Cooper-Standard will not reach and sustain credit measures expected for the B+ rating in the year ahead. This is because of the company's vulnerability to Ford's planned vehicle production cuts, combined with ongoing tough industry conditions," said S&P credit analyst Nancy Messer.

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