S&P cuts Autoparts Holdings

Standard & Poor's said it lowered its corporate credit rating on Autoparts Holdings Ltd. to B from B+. The outlook is stable.

At the same time, the agency said it lowered the issue ratings on Autoparts' first- and second-lien secured debt. The recovery ratings remain unchanged.

"The ratings on Autoparts Holdings Ltd. reflect its 'fair' business risk profile, characterized by low double-digit margins and its concentrated customer base," said S&P credit analyst Robyn Shapiro in a news release.

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