Moody's cut Lear's debt rating to junk

Newswire

NEW YORK, July 29 (Reuters) - Moody's Investors Service on Friday cut Lear Corp.'s debt rating to junk, citing reduced expectations for near-term profits and cash flow, among other factors. Moody's cut the senior unsecured debt rating to "Ba2," the second-highest junk rating, from "Baa3." Ratings downgrades can increase a company's borrowing costs. Moody's said the outlook is stable.

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