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Fitch revises American Axle to positive
Fitch Ratings said it affirmed the issuer default ratings of American Axle & Manufacturing Holdings, Inc. (AXL) and its American Axle & Manufacturing, Inc. (AAM) subsidiary at BB-.
The agency also affirmed the ratings for AAM's secured revolving credit facility and secured term loan A at BB+ and assigned them a recovery rating of RR1. It also affirmed AAM's senior unsecured notes rating at BB- and assigned them a recovery rating of RR4.
AAM's ratings apply to a $523.5 million secured revolving credit facility, a $138.8 million secured term loan A and $1.35 billion in senior unsecured notes.
The outlooks were revised to positive from stable.
The positive outlook revision was driven by Fitch's expectations for a further strengthening of the auto supplier's credit profile over the intermediate-term, the agency said.
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