S&P rates Cooper-Standard notes B

Standard & Poor's said it assigned its BB- corporate credit rating to Cooper-Standard Holdings Inc.

The outlook is negative.

The agency withdrew its BB- corporate credit rating on principal operating subsidiary Cooper-Standard Automotive Inc. The outlook was stable at the time of withdrawal.

S&P also assigned its B issue rating and 6 recovery rating to Cooper-Standard Holdings Inc.'s proposed $175 million issuance of senior unsecured payment-in-kind notes maturing 2018.

At the same time, the agency affirmed its BB- issue rating, with a 3 recovery rating, on the $450 million senior unsecured notes of the operating company.

The ratings on Cooper-Standard reflect its "weak" business risk profile and "significant" financial risk profile, according to S&P's criteria.

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