S&P downgrades Autoliv

S&P said it downgraded Autoliv Inc. and its subsidiary Autoliv ASP Inc. to BBB+ from A-.

“The downgrade reflects our expectations that weaker market conditions will cause U.S.-incorporated and Sweden-headquartered auto supplier Autoliv Inc.’s funds from operations (FFO) to debt to improve only to about 45% for full-year 2019, compared with our previous forecast of over 60%,” said S&P in a news release.

The outlook is negative.

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