Moody's cuts Allison Transmission

Moody's Investors Service said it lowered the corporate family and probability of default ratings of Allison Transmission, Inc. to B3 from B2.

In a related action, the rating of the senior secured bank credit facility was lowered to B2 from B1 and the ratings of the senior unsecured notes were lowered to Caa2 from Caa1, the agency added.

The outlook is changed to negative.

The downgrade of Allison's corporate family rating to B3 reflects the expected impact of the dramatic decline of global economic conditions and challenges in the global credit markets on the demand for commercial vehicles, Moody's said.

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