Moody's cuts Mark IV view to negative

Moody's Investors Service said it affirmed Mark IV Industries, Inc.'s corporate family rating at B1 and existing guaranteed senior secured credit facilities at B1 but changed the outlook to negative from stable.

The affirmation of the B1 corporate family rating recognizes that the company maintains strong market share positions and has a healthy degree of product, customer and geographic diversification, the ratings agency said.

About 50% of revenues are generated from sales outside of the automotive OEM sector, Moody's said.

Notwithstanding these positive rating factors, the company's credit metrics and operating performance remain well below the rating agency's expectations and are weak for the current B1 rating level.

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