S&P cuts Metaldyne to D

Standard & Poor's said it lowered the corporate credit rating on Metaldyne Corp. to D.

Metaldyne filed for Chapter 11 bankruptcy protection on May 28 in New York, according to the agency. Deutsche Bank AG has agreed to provide an $18.5 million debtor-in-possession financing facility.

"We believe the filing was prompted by the company's heavy debt burden and a sharp decline in liquidity caused by severe automotive production declines in the North America and elsewhere," S&P analyst Robert Schulz said in a statement.

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