TEXT-S&P ups TMD Friction to 'B+' on performance; otlk stable

Newswire

(The following statement was released by the ratings agency) June 30 - -- Luxembourg-based automotive supplier TMD Friction's operating performance is markedly improving, following market recovery. -- We believe the improvement in profitability and cash flow generation will be sustained in 2011, thanks to TMD's restructuring efforts over the past few years. -- We are raising our corporate credit rating as well as the EUR160 million senior secured notes issue rating to 'B+' from 'B'. ...

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