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S&P's ArvinMeritor ratings unaffected
Standard & Poor's said the ratings and outlook on ArvinMeritor Inc. (BB/negative/B-1) would not be affected by the company's agreement to sell its light vehicle aftermarket Purolator filters business in North America for an undisclosed amount.
The agency previously indicated that it expected ArvinMeritor to receive fairly large proceeds from the sale of this business, which would likely be used to improve the balance sheet. This action by itself, however, does not prompt a revision of the outlook to stable, S&P said.
The agency's key area of focus remains ArvinMeritor's ongoing restructuring efforts, whose success is an important rating factor. Unless the company makes substantial progress improving free cash flow in 2006, S&P said it will lower the ratings.
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