S&P affirms Shiloh

Standard & Poor's said it has affirmed its BB- corporate credit rating on Shiloh Industries Inc. and removed it from Creditwatch with negative implications, where it had been placed on Nov. 13.

The outlook is negative.

"The affirmation reflects its view that Shiloh's credit ratios should satisfy minimum expectations for the ratings in 2009, even amid sharply declining automotive and commercial truck production in North America and other markets," said S&P credit analyst Lawrence Orlowski.

The outlook for light-vehicle production in Europe is rapidly deteriorating, and the continuing recession in North America will pull down auto sales sharply in 2009 from the already weak levels of 2008, the agency said.

For example, for the last three months of 2008, the seasonally adjusted annual rate of light-vehicle sales in the United States was below 11 million units, and the agency said it expects sales in 2009 to be 10 million units, 24% below 2008 actual sales.

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