TEXT-S&P raises TMD Friction to 'BB', outlook is stable

Newswire

(The following statement was released by the rating agency) -- Luxembourg-based automotive supplier TMD Friction Group S.A. has announced that its 100% acquisition by Nisshinbo Holdings Inc. is complete. -- Based on public information, we view Nisshinbo's credit strength in the 'bb' category. -- We are raising our long-term corporate credit rating on TMD as well as our issue rating on its EUR160 million senior secured notes to 'BB' from 'B+'. -- The stable outlook reflects our expectations ...

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