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Published on 9/20/2023 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody’s stabilizes Standard Profil view

Moody's Investors Service said it changed its outlook for Standard Profil Automotive GmbH to stable from negative and affirmed its Caa1 long-term corporate family rating, Caa1-PD probability of default rating and Caa1 backed senior secured instrument.

"The outlook change to stable reflects the company's improved profitability and leverage in the first half of 2023, driven by higher volumes, efficiency gains and the successful pass-through of increased cost to OEM customers," said Matthias Heck, a Moody's vice president, senior credit officer and lead analyst for Standard Profil, in a statement.

"The stable outlook reflects the expectation of a turnaround of currently negative free cash flow generation over the next quarters, considering the company's still weak liquidity situation," Heck added.


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