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S&P cuts ArvinMeritor debt to BB
Standard & Poor's said it lowered its corporate credit rating on ArvinMeritor Inc. to BB from BB+ and lowered all other long-term ratings on the company and related entities.
S&P also cut ArvinMeritor's, Meritor Automotive Inc.'s and Arvin Overseas Finance BV's senior unsecured debt to BB from BB+ and Arvin Capital I's preferred stock to B from B+.
The B-1 short-term rating on ArvinMeritor is affirmed. The outlook is negative.
S&P said the downgrade reflects weak operating performance caused by internal operating inefficiencies, uncovered steel price increases and the lower volume levels of important customers General Motors Corp. (BB/negative/B-1) and Ford Motor Co. (BB+/negative/B-1).
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