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S&P removes Mark IV from watch
Standard & Poor's said it affirmed its B+ corporate credit rating and all other ratings on Mark IV Industries Inc. and removed the ratings from CreditWatch where they were placed with negative implications on July 25.
Ratings affirmed include the company's B+ senior secured debt rating and B- subordinated debt rating.
The outlook is negative.
S&P said the ratings on Mark IV reflect the firm's aggressively leveraged balance sheet, weak debt protection measures and exposure to the cyclical and highly competitive original equipment automotive market.
These weaknesses are somewhat mitigated by good geographic diversification and market positions in certain niche segments of the automotive supply, industrial and transportation industries, the agency said.
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