S&P cuts Stoneridge

S&P said it lowered its rating for Stoneridge Inc. to B from B+.

“Stoneridge Inc. is facing increased refinancing risk because its revolving credit facility goes current on June 4, 2023. This risk is magnified by the dislocations across the high yield credit markets given expectations for increasing inflation and macroeconomic uncertainty, which is expected to persist for the duration of 2023,” the agency said in a press release.

The outlook is negative.

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