S&P cuts Kongsberg

S&P said it lowered its rating on Kongsberg Automotive to B- from B, and on the company's senior secured debt to B from B+ and left them on CreditWatch with negative implications.

S&P said it now forecasts about a 15% decline in global light vehicle sales this year.

“As a result, we expect Kongsberg Automotive's operating results and cash flow to weaken significantly compared with our previous assumptions, despite the company's efforts to offset the decline through cost-saving and cash flow preservation initiatives,” the agency said in a press release.

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