TEXT-S&P cuts GKN Holdings PLC

Newswire

(The following statement was released by the rating agency) Oct 31 - Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on U.K.-based engineering group GKN Holdings PLC to 'BBB-' from 'BBB'. The outlook remains negative. "The downgrade reflects our expectation that the economic recession scenario ahead will penalize the group's cash generation and profitability," said Standard & Poor's credit analyst Barbara Castellano. ...

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