S&P affirms Cooper-Standard

Standard & Poor's said it affirmed its ratings on Cooper-Standard Automotive Inc., including the CC corporate credit rating.

At the same time, the agency said it removed the ratings from Creditwatch, where they had been listed with negative implications on Nov. 13.

The outlook is negative.

The agency added that the ratings reflect the company's announcement that it has received bank permission to repurchase term loan debt at a discount from par using an auction.

S&P said it expects Cooper-Standard to commence an auction for up to $150 million of term loan debt at a discount.

"In conjunction with an exchange offer, the agency said it will lower its corporate credit rating on Cooper-Standard to SD (selective default) and lower its ratings on issues repurchased under the offer to D (default) upon completion of that offer," said S&P credit analyst Nancy C. Messer.

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