S&P: Motorsport Aftermarket on watch

Standard & Poor's said it placed its B- corporate credit rating and B secured debt issue-level rating for Motorsport Aftermarket Group Inc. on Creditwatch with negative implications.

"The Creditwatch listing reflects the recession's effect on the company's operating performance, its rising debt leverage, and its concern that ongoing pressures will narrow its margin of covenant compliance," said S&P credit analyst Hal Diamond.

According to the agency, sales at the company fell 2% year over year, while EBITDA remained flat in the nine months ended Sept. 30, as a result of declining U.S. retail motorcycle sales.

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