S&P: Lear unaffected

Standard & Poor's said Lear Corp.'s (B+/stable) lower full-year 2008 guidance, from lowering vehicle production in North America and increased commodity costs, has no immediate impact on its ratings or outlook.

The rating and outlook adequately reflect the challenging operating environment for auto suppliers in 2008, according to the agency.

Lear's leverage and heavy dependence on the U.S. auto manufacturers make the company especially vulnerable to negative developments, S&P said. The company is expected to maintain an adjusted debt-to-EBITDA ratio of less than 4 times.

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