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Moody’s reviews Adient for downgrade
Moody’s Investors Service said it placed the ratings of Adient Global Holdings Ltd., including the corporate family rating at B2, the probability of default rating at B2-PD, and the senior unsecured ratings at B3 under review for downgrade. Adient US LLC’s senior secured facilities have been downgraded to Ba3 from Ba2 and are also under review for downgrade. The speculative grade liquidity rating is upgraded to SGL 2 from SGL-3.
The spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across the world, Moody’s said.
“The combined credit effects of these developments are unprecedented,” Moody’s said in a press release.
“The auto sector (and issuers within other sectors that rely on the auto sector) has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment,” the agency said.
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