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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 CCC+ from B- and its senior secured credit facilities to CCC+ with a recovery rating of 3 from B with a recovery rating of 2.
The ratings were removed from CreditWatch with negative implications, where they were placed on Dec. 22, and the outlook is negative.
The agency said the downgrade reflects its concern that the company's weakening operating performance and rising debt leverage could jeopardize its ability to comply with bank debt covenant levels.
The negative outlook reflects the company's elevated debt leverage, the recession's effect on operating performance and a weak margin of covenants compliance, S&P said
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