Moody's: Autocam view negative

Moody's Investors Service said it affirmed Autocam Corp.'s B3 corporate family rating and changed its outlook to negative from stable.

The rating action considers the company's continuing weak performance despite the benefits of recent operating and financial restructuring initiatives, according to Moody's.

The negative outlook reflects the company's weak financial performance and the potential for the rating to be downgraded in the absence of a near-term improvement in financial metrics, the agency said.

The rating could be downgraded, Moody's said, if persistent negative free cash flow or covenant violations under the bank facility were to result in any erosion of the company's liquidity profile.

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