According to this from Reuters, S&P has reduced further its ratings on a number of Tier 1 suppliers, including ArvinMeritor. ARM is now rated at B, some five levels below investment grade, and the company remains on review for further downgrade. Visteon and American Axle are also regarded with suspicion, and are downgraded to CCC and CCC+ respectively. Last week, ArvinMeritor withdrew its first quarter guidance, and announced that it had ended talks to sell its car parts business.
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More Tier 1 Misery as S&P Cuts Ratings.
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