S&P lifts American Axle

Standard & Poor's said it raised the corporate credit rating on American Axle & Manufacturing Holdings Inc. to B- from CCC+.

The outlook is stable.

"The upgrade reflects our opinion that American Axle's liquidity has improved and that the company is now less likely to need to financially restructure," S&P analyst Lawrence Orlowski said in a statement.

The agency said that light-vehicle production in North America is starting to recover.

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