S&P: Cooper Tire unchanged

Standard & Poor's said that Cooper Tire & Rubber Co.'s (B+/stable) third-quarter results will not affect its rating or outlook on the company.

The agency said that Cooper's net sales were $768 million, up 11% year over year and operating profit in North America was $28 million versus a loss in the third quarter of 2006.

Cooper's shipments of light vehicle replacement tires in the United States grew faster than the overall market, S&P noted, adding that the company generated $278 million in cash from operations for the nine months ended Sept. 30, as a result of reduced inventory and improved margins.

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