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S&P lowers Autocam loan, notes
Standard & Poor's said it lowered its corporate credit rating on Autocam Corp. to CCC+ from B.
At the same time, the agency said it lowered its rating on Autocam's $166 million senior secured credit facilities to CCC+ from B and its rating on Autocam's $140 million unsecured senior subordinated notes due 2014 to CCC- from CCC+.
The outlook is negative.
S&P said the rating actions reflect its view that Autocam's financial position will be very vulnerable in the next 12 months to negative developments in the currently unstable industry environment for automotive suppliers, given the company's limited liquidity, lack of near-term free cash flow and weak credit protection measures.
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