S&P puts auto suppliers on watch

S&P said it placed its ratings for Faurecia SE, Gestamp Automocion, Garrett Motion Inc., Novem Group GmbH and Bright Bidco BV on CreditWatch negative.

S&P said it projects a global auto sales will fall by 15% this year as the coronavirus pandemic continues. The agency sees GDP growth trends sharply lower.

“We plan to resolve the CreditWatch placements over the next three months based on our analysis of each issuers' progress in managing liquidity-linked challenges during the production standstill and restart of operations once auto production resumes,” the agency said in a press release.

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