TEXT-S&P cuts Metaldyne's rating to 'CC'

Newswire

(The following statement was released by the rating agency) Oct 31 - Standard & Poor's Ratings Services today said it has lowered its corporate credit rating on auto supplier Metaldyne Corp. to 'CC' from 'CCC+' and lowered the ratings on the company's senior secured and subordinated debt. The outlook is negative. The downgrade reflects the company's announcement that it is making a tender offer for all of its outstanding bonds at a steep discount to face value. These bonds consist of ...

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