TEXT-S&P assigns Meridian Automotive 'B+' CCR

Newswire

(The following statement was released by the rating agency) NEW YORK, March 23 - Standard & Poor's Rating Services said today that it assigned its 'B+' corporate credit rating to Dearborn, Mich.-based Meridian Automotive Systems Inc. At the same time, a 'B+' rating and '4' recovery rating were assigned to the company's new $375 million first-lien secured bank facility, indicating the expectation of a mediocre recovery of principal (25%-50%) in the event of a default, and a 'B-' ...

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