Moody's cuts GITI Tire view to negative

Moody's Investors Service said it changed to negative from stable the outlook of GITI Tire Pte. Ltd.'s B2 corporate family and B3 senior bond ratings.

The action reflects a concern that GITI's operating performance and financial profile will remain under pressure amid a challenging operating environment for the global automotive market, Moody's said.

In view of weak market demand, it is uncertain whether the benefit from declining raw materials prices will offset the financial impact of declining unit sales and average sales prices, the agency added.

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