TEXT-S&P rates Meritor Inc's notes 'B-'

Newswire

Nov 28 - Standard & Poor's Ratings Services today assigned its 'B-' issue rating and '5' recovery rating to Troy, Mich.-based commercial truck part supplier Meritor Inc.'s proposed $150 million senior unsecured convertible notes due 2026, issued under Rule 144A without registration rights. The '5' recovery rating indicates our expectation of modest (10% to 30%) recovery in the event of a payment default. Meritor has indicated that it will use the net proceeds from the proposed note offering ...

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