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S&P rates ArvinMeritor loan BB+
Standard & Poor's said it assigned its BB+ bank loan and recovery ratings of 1 to ArvinMeritor Inc.'s (ARM) $1.05 billion bank senior secured debt.
At the same time, S&P said it lowered its senior unsecured debt ratings on ARM to BB- from BB and removed them from CreditWatch where they were placed with negative implications on May 22.
The downgrade stems from the contractual subordination resulting from the pending transaction to replace the unsecured bank facility with the new senior secured credit facilities, the agency said.
In addition, ArvinMeritor's B-1 short-term corporate credit rating was affirmed and removed from CreditWatch.
S&P added that the ratings on ARM reflect the firm's aggressive financial profile.
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