S&P cuts Lear five notches deeper into junk

Newswire

NEW YORK, March 29 (Reuters) - Standard & Poor's on Wednesday lowered its senior unsecured debt ratings on Lear Corp. five notches deeper into junk, citing sharp deterioration in the auto supplier's operating performance in 2005. The downgrade also reflects expectations that Lear's earnings and cash flow generation for the next few years will remain below what was previously expected, S&P said in a statement. S&P cut Lear's senior unsecured debt five steps to "B-minus," six ...

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