American Axle & Manufacturing stock has been downgraded to junk bond status by Fitch Ratings, according to Reuters.
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Fitch cut the auto supplier’s issuer default rating by two steps to “BB” from “BBB-minus,” which is the lowest investment-grade rating. The outlook is negative because it is heavily dependent on business with GM.
GM accounted for 78% of American Axle’s revenues in 2005, reported Reuters.
