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Moody's downgrades Standard Motor
Moody's Investors Service said it lowered Standard Motor Products Inc.'s corporate family rating to B3 from B1 and $90 million 6.75% convertible subordinated debentures due 2009 to Caa2 from B3.
The outlook is stable.
The downgrade reflects the deterioration in Standard Motor's credit metrics during 2005, driven by a competitive pricing environment, setbacks in the integration of Dana Corp.'s Engine Management Group and higher debt levels generated by higher working capital requirements, the agency said.
For the last 12 months ended Sept. 30, Standard Motor's total debt to EBITDA leverage was about 7.5x, EBIT to interest coverage was about 0.8x and free cash flow for the trailing 12-month period ending Sept. 30 was negative $61 million.
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