Standard & Poor’s has said it may cut ratings on six North American auto suppliers after Chrysler’s bankruptcy filing.
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The six auto suppliers are Harman, Johnson Controls, Magna International, Shiloh Industries, Stoneridge and TRW.
S&P said in a statement that possible downgrades reflect “multiple scenarios – almost all of them negative – that could play out over the next few months despite the government’s efforts to maintain a smooth postpetition operation of Chrysler and minimize the duration of the bankruptcy.”
“We expect Chrysler’s filing to result in lower vehicle production in the near term, even compared to what we believe have been very low levels thus far in 2009,” S&P said.
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