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S&P lowers Motorsport Aftermarket
Standard & Poor's said it lowered its ratings on Motorsport Aftermarket Group Inc., including the corporate credit rating to B- from B.
The outlook is negative.
The downgrade reflects the company's weakening operating performance and rising debt leverage. The agency said that, if sustained, these factors could jeopardize the company's ability to comply with its bank debt covenant levels.
The negative outlook reflects Motorsport Aftermarket's elevated debt leverage, currently weak profitability and the need to increase discretionary cash flow to reduce its debt burden, S&P said.
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