Fitch affirms, withdraws American Axle

Fitch Ratings said it affirmed and withdrew all of its ratings on American Axle & Manufacturing Holdings, Inc. and its American Axle & Manufacturing, Inc. subsidiary, including both entities' long-term issuer default ratings of BB-.

The agency said it withdrew the ratings for commercial reasons.

“AXL's ratings reflect its strong margins and the increased scale and diversity of its book of business following its 2017 acquisition of Metaldyne Performance Group Inc. (MPG), set against a backdrop of elevated post-acquisition leverage,” Fitch said in a news release.

“The acquisition broadened AXL's product offerings and its customer base, such that sales to General Motors Co. (GM) now comprise less than half of the company's revenue, down from 68% in 2016.”

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