S&P: Metaldyne on watch

Standard & Poor's said it placed its BB- corporate credit and its other ratings on Metaldyne Corp. on CreditWatch negative, citing high leverage, constrained liquidity and increasingly challenging industry conditions.

Also on watch are Metaldyne's BB- senior secured bank loan, B rated senior unsecured debt and B rated subordinated debt.

Despite Metaldyne's niche market leadership position in certain segments of its markets, S&P said good engineering capabilities and fair customer and platform diversity margins have been pressured in 2004.

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