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S&P boosts Standard Motor
Standard & Poor's said it raised the corporate credit rating on Standard Motor Products Inc. to CC from SD.
The outlook is negative.
S&P said the upgrade reflects the company's completed distressed exchange, in which investors tendered 6.75% convertible subordinated debentures due 2009 in exchange for newly issued 15% convertible subordinated debentures due 2011.
The rating reflects the financial pressure that Standard Motor Products faces in paying off its remaining $32 million in debentures that mature on July 15, 2009, the agency noted.
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