Moody’s revises Superior Industries view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the ratings of Superior Industries International, Inc., including a corporate family rating and a probability of default rating at B2 and B2-PD, respectively; senior secured bank debt at B1; and senior unsecured at Caa1. The speculative grade liquidity rating is SGL-3.

This action concludes the review for downgrade started March 26, the agency said.

“The negative outlook reflects the risk that the expected gradual recovery of automotive industry conditions impacted by the coronavirus pandemic could be interrupted from a second wave of infection rates, or from weakening vehicle demand with a more extended recessionary conditions from job losses,” Moody’s said in a press release.

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