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Fitch affirms ArvinMeritor
Fitch Ratings said it has affirmed ArvinMeritor's senior unsecured debt rating of BB+ and the outlook remains stable.
According to Fitch, the rating and outlook recognize lower-than-normal margin and tight cash flow from higher steel costs within the Light Vehicle Systems group, as well as balance sheet leverage. Even though the company faced higher steel costs and weaker operating performance during fiscal 2004, management has successfully reduced leverage through asset sales and cash from operations.
Volume and operating leverage in the Commercial Vehicle Systems group should be the bright spot in fiscal 2005, providing an offset to the margin pressures in Light Vehicle Systems group. In addition, light vehicle industry production should be within a range of flat to down 3%.
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