TEXT-S&P cuts Oxford Automotive corporate credit rating

Newswire

(The following statement was released by the rating agency) NEW YORK, Feb 26 - Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Troy, Mich.-based Oxford Automotive Inc. to 'B-' from 'B'. In addition, Standard & Poor's lowered its rating on the company's second-lien senior secured debt to 'CCC' from 'CCC+'. Oxford remains on CreditWatch with negative implications. "The downgrade follows Standard & Poor's assessment that Oxford's ...

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