S&P cuts Aston Martin, notes

Standard & Poor's said it lowered its long-term corporate credit rating on Aston Martin Holdings (UK) Ltd. to B+ from BB-.

At the same time, the agency said it lowered the senior secured debt rating on Aston Martin Capital Ltd.'s notes to B+ from BB- and the recovery rating on these notes to 4 from 3. The outlook is negative.

S&P said the downgrade follows a negative revision of its financial forecasts for Aston Martin in light of weak economic conditions and prospects, as well as the recently weak performance of the company. According to the agency's revised base-case projections, S&P said, Aston Martin's financial debt protection measures in 2011 are likely to deteriorate significantly more than previously expected.

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