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S&P trims American Axle
S&P said it downgraded American Axle Manufacturing Holdings Inc. to B+ from BB-, the rating on its senior secured term loan to BB- from BB and the rating on its unsecured notes to B- from B. The 2 (rounded estimate: 80%) recovery rating on the term loan and 6 (rounded estimate: 5%) recovery rating on the unsecured notes remain unchanged.
S&P placed all its American Axle ratings on CreditWatch with negative implications.
In explaining the downgrade, S&P cited its revised forecast for a reduction of about 20% in U.S. and European light vehicle sales.
The agency said it expects to resolve the CreditWatch after it gets more information on how the coronavirus outbreak affected the company’s earnings and cash flow.
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