S&P: Affinia unchanged

Standard & Poor's said its ratings on Affinia Group Inc. (B/stable) are not immediately affected by the company's plans for an initial public offering of stock. In a registration statement filed late Thursday, Affinia said it could raise up to $230 million and would use some of the proceeds to reduce debt and the rest to fund working capital and other general purposes.

The agency said it believes the transaction, if successful, could accelerate the gradual reduction in leverage the company has achieved through improved profitability during the past few quarters. Including S&P's adjustments, the debt-to-EBITDA ratio was about 5.2 times at the end of the first quarter.

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