(Full text of press release provided by Standard & Poor's)
NEW YORK, June 21 - Standard & Poor's said today that the ratings on Navistar International Corp. (BB+/Negative/--) are currently unaffected by the strike at the company's Chatham, Ontario assembly plant. Navistar has the operating flexibility to accommodate a labor strike by shifting production to its Escobedo, Mexico facility, which can produce heavy-duty trucks. Navistar has indicated that it is considering closing the Chatham plant if it is unable to reach a satisfactory agreement with the Canadian Auto Workers Union. Should the strike continue for a significant period, causing overall production levels to be affected, Standard & Poor's would reassess the ratings impact at that time.