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S&P lowers Adient
S&P said it lowered its corporate credit rating on Adient plc to BB from BB+. The outlook stays negative.
S&P also affirmed its issue-level rating of BBB- on Adient's senior secured debt. The recovery rating remains 1, indicating a very high recovery (90%-100%; rounded estimate: 90%) in the event of a default.
The agency also lowered the issue-level ratings on the company's senior unsecured debt to BB- from BB. The recovery rating remains 5, indicating a modest recovery (10%-30%; rounded estimate: 25%) in the event of a default.
“Our downgrade reflects the ongoing operational challenges at its Seat Structures and Mechanisms (SS&M) division and the Seating business overall,” S&P said in a news release.
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