Moody’s Investors Service has downgraded component maker ArvinMeritor’s corporate family rating due in part to a decline in the company’s margins over the last year.
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Moody’s has lowered the suppliers’ rating to Ba3 from Ba2 and its secured bank obligations and unsecured notes by one notch.
Despite recent progress in reducing its aggregate indebtedness and leverage, Moody’s said that ArvinMeritor’s profitability would remain under pressure over the intermediate term.
Moody’s predicted that commercial vehicle volumes in North America would significantly decline, saying that conditions in its light vehicle segment remain very challenging.
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By GlobalData
