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S&P: Mark IV on watch
Standard & Poor's said it placed its B- corporate credit rating and related issue-level ratings on Mark IV Industries Inc. on Creditwatch with negative implications.
The Creditwatch placement reflects deteriorating auto production in Europe and persistent low demand in North America, which the agency said it expects to weaken Mark IV's financial results and potentially stretch the company's liquidity.
"Only 5% of Mark IV's sales are to the U.S. operations of the Michigan-based automakers, making the company less exposed to a bankruptcy by one of these companies than the 15 other suppliers we placed on Creditwatch on Nov. 14," said S&P credit analyst Gregg Lemos Stein.
"However, Mark IV derives a significant percentage of its revenues from automakers in Europe, where production volumes have declined precipitously in recent months and are likely remain weak at least through early 2009."
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