Moody’s has downgraded its credit rating for supplier group Dura Automotive Systems from ‘Ca’ to ‘Caa1’ due to the company’s ongoing operating pressures and a recent announcement of second half production declines.
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Dura’s products includes driver control systems, structural door modules, glass systems and seating control systems.
The Michigan-based supplier currently relies on sales to Ford and GM for approximately 43% of revenue, with roughly half of its exposure to Ford, and with 75% of its GM exposure derived in the US.
Moody’s added that its outlook for Dura remains negative because of continuing industry production pressures in North America, raw material pricing pressures, and reports that the supplier has hired restructuring advisers.
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