Moody's affirms Affinia

Moody's Investors Service said it has affirmed Affinia Group Inc.'s corporate family rating and probability of default at B2.

In a related action, Moody's said it affirmed the ratings on the company's existing senior secured first-lien bank debt at Ba2 and subordinated debt at B3 while the speculative-grade rating is affirmed at SGL-3.

The outlook is negative.

The agency said that the negative outlook reflects the softer demand environment for aftermarket auto parts, which has contributed to weakening covenant cushions at Affinia.

Demand for the company's products is generally more correlated with normal maintenance and wear requirements than overall economic conditions, yet lower miles driven and deferral of vehicle maintenance still influences the company's prospects, Moody's noted.

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