Overview -- The credit quality of Luxembourg-based automotive supplier TMD Friction's parent, Nisshinbo Holdings, has slightly declined in our view. -- As a result, we are lowering our rating on TMD Friction to 'BB-' from 'BB' because we continue to believe that TMD's credit quality is influenced by its owner Nisshinbo. -- We nevertheless are keeping our assessment of TMD's stand-alone credit profile at 'b', despite the recent deterioration of performance and credit ...
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