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S&P cuts Standard Motor
Standard & Poor's said it lowered its corporate credit rating on Standard Motor Products Inc. to B- from B+ and the subordinated debt rating to CCC from B-.
The outlook is negative.
S&P said the downgrade reflects Standard Motor's weaker-than-expected credit protection measures as of March 31, 2005. Lease-adjusted total debt to EBITDA was about 10x, and EBITDA interest coverage was about 1.7x. Material improvement in the ratios depends on synergies from a 2003 acquisition that are taking longer to achieve than expected, the agency said.
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