S&P downgrades Shiloh

Standard & Poor's said it lowered the corporate credit rating on Shiloh Industries Inc. to B from BB- and removed it from CreditWatch with negative implications, where it had been placed on April 30.

The outlook is negative.

"The downgrade reflects our assumption that Shiloh's liquidity will be tight for the next several quarters, due in part to the potential effect of significant cash operating losses on its existing availability," S&P analyst Lawrence Orlowski said in a statement.

The rating reflects the company's weak business risk profile and highly leveraged financial risk profile, S&P said.

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