TEXT-S&P cuts Continental AG rating to 'BBB-'

Newswire

(The following statement was released by the rating agency) Sept 26 - Standard & Poor's Ratings Services said today it lowered its long-term corporate credit rating on Germany-based automotive supplier Continental AG to 'BBB-' from 'BBB', following the company's revised earnings expectations for 2008. At the same time, the 'A-3' short-term corporate credit rating on the group was affirmed. The outlook is stable. "The downgrade reflects that Continental appears unlikely to achieve ...

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