S&P lifts Commercial Vehicle view to stable

Standard & Poor’s said it revised the outlook on Commercial Vehicle Group Inc. to stable from negative and affirmed its B corporate credit rating.

The agency also said it affirmed the B rating on the company’s senior secured debt. The recovery rating remains at 4, indicating 30% to 50% expected default recovery.

The outlook revision reflects the company’s improved debt leverage, S&P said, as well as a view that its credit measures will continue to improve in 2015.

The company’s operating performance improved in the past year due to restructuring efforts pursued by the current management team, which assumed control in 2013, the agency said.

These cost reductions led to margin improvements, which the meaningful increase in the industry production volumes further strengthened, S&P said.

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