TEXT-Moody's cuts BorgWarner snr unsecured debt rating

Newswire

(The following statement was released by the rating agency) Approximately $390 million of rated obligations affected Dec 24 - Moody's Investors Service lowered BorgWarner Inc.'s ("BorgWarner") Senior Unsecured debt rating to Baa3 from Baa1 and left the rating under review for possible downgrade. The action is prompted by the rapidly eroding outlook for auto parts suppliers in general, and the specific implications of lower demand on BorgWarner's earnings and cash flow prospects. ...

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