S&P may cut American Axle's debt ratings

Newswire

NEW YORK, May 20 (Reuters) - Standard & Poor's on Friday said it may cut American Axle & Manufacturing Holdings Inc.'s debt ratings, citing a decline in sales at General Motors Corp. , which is American Axle's main customer. GM, the world's largest auto manufacturer, comprises 79 percent of American Axle's sales, the rating agency said. S&P said it may cut American Axle's "BBB" corporate credit rating, which is two notches above junk status. Ratings downgrades can increase a ...

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