From AFX News Limited
NEW YORK — Standard & Poor’s said it put Delphi Corp.’s “BBB-” corporate credit rating, which is one notch above “junk” status, and its “A-3” commercial paper rating on review with negative implications. “The action reflected concerns about the challenging conditions in the automotive industry, including reduced vehicle production schedules, a difficult pricing environment and high raw material costs, and their likely impact on Delphi’s futures earnings and cash flow generation,” said S&P credit analyst Martin King. The auto parts maker’s stock was last trading down 15 cents, or 1.6 percent, at $9.02.
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