Correction: S&P cuts Keystone view to negative

In a corrected rating, Standard & Poor's said it revised the outlook on Keystone Automotive Operations, Inc. to negative from stable.

This action reflects increasingly difficult macroeconomic and industry conditions, continued weak operating performance and poor credit metrics, the agency said.

Despite S&P's expectations for weakening performance, the agency said it believes liquidity should be sufficient over the next year due to modest capital expenditure requirements and $94 million availability under a loosely structured revolving credit facility.

Keystone operates in the highly fragmented automotive aftermarket accessories and equipment distribution industry, the agency noted.

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