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Moody's may cut Stoneridge
Moody's Investors Service said it placed Stoneridge, Inc.'s long-term ratings, including its B1 corporate family rating and B2 rating of its $200 million senior unsecured notes, under review for possible downgrade.
Concurrently, its speculative-grade liquidity rating of SGL-2 was affirmed, the agency said.
The agency noted that the review for possible downgrade reflects Stoneridge's eroding operating performance in part due to the rapid deterioration in the North American production levels especially at the Detroit-3 automobile manufacturers.
Moody's said it expects these negative factors, combined with expected lower production level at the commercial vehicle and heavy truck market and lower production volumes in international markets would likely persist into 2009 and could result in significant deterioration of Stoneridge's credit metrics going forward.
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