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S&P rates American Axle & Manufacturing loan BB
Standard & Poor's said it assigned its BB rating to American Axle & Manufacturing Inc.'s $200 million senior unsecured term loan maturing in April 2010.
At the same time, the BB corporate credit ratings on American Axle and parent company, American Axle & Manufacturing Holdings Inc. were affirmed.
The outlook is negative.
S&P said that the ratings reflect the risks associated with American Axle's heavy dependence on General Motors Corp.'s (B/Watch negatuve/B-3) SUVs and pickup trucks, current relatively narrow product range, its exposure to cyclical and competitive markets and the potential for labor disruptions that could disrupt GM production.
These factors are tempered by American Axle's high market shares, high-value-added product portfolio and good R&D capabilities, S&P added.
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