TEXT-S&P changes Lear Corp's ratings


(The following statement was released by the rating agency) Sept 26 - Standard & Poor's Ratings Services today said it has raised its issue-level rating on Lear Corp.'s $1 billion senior secured term loan facility ($988 million outstanding) to 'BB' (two notches above the 'B+' corporate credit rating) from 'BB-' and revised the recovery rating to '1' from '2'. The recovery rating indicates the expectation of very high (90% to 100%) recovery in the event of a payment default. The action ...

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