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S&P cuts Lear to D
Standard & Poor's said it lowered its corporate credit rating on Lear Corp. to D from CCC+ and lowered the issue-level rating on the company's senior unsecured debt that did not receive the scheduled interest payment to D from CCC.
The agency said it lowered the rating on the senior secured debt to CC from B, and the rating on the other senior unsecured debt to C from CCC.
According to the agency, the company announced on June 1 that it has chosen not to make interest payments due that day for its 8.50% senior notes due in 2013 and 8.75% senior notes due in 2016.
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