Moody’s Investors Service, (“Moody’s”) placed the ratings of Magna International Inc. (Magna) under review for downgrade including its A3 LT Issuer Rating, (P)A3 Senior Unsecured Shelf rating, and A3 Senior Unsecured Notes rating. More specifically, Magna’s exposure to final consumer demand for light vehicles has left it vulnerable to shifts in market sentiment in these… Continue reading Magna International Investments S.A. — Moody’s places Magna’s ratings under review for downgrade
Category: Suppliers
Lear Provides Business Update Regarding COVID-19 and Withdraws Full Year 2020 Guidance
Lear taking decisive actions in response to coronavirus pandemic, including: – Instituting additional employee safety measures – Drawing down $1.0 billion on revolving credit facility – Temporarily suspending share repurchases and quarterly dividend – Withdrawing full year 2020 outlook – Undertaking operational actions to reduce costs and preserve liquidity SOUTHFIELD, Mich., March 26, 2020 /PRNewswire/… Continue reading Lear Provides Business Update Regarding COVID-19 and Withdraws Full Year 2020 Guidance
Yanfeng Global Auto Interior Sys Co., Ltd — Moody’s places ratings of four Chinese and Korean automotive parts suppliers under review for downgrade
Moody’s Investors Service has today placed the ratings of four Chinese and Korean Automotive parts suppliers under review for downgrade. The four companies are Hyundai Mobis Co., Ltd., Johnson Electric Holdings Limited, Nexteer Automotive Group Limited, and Yanfeng Global Automotive Interior Systems Co., Ltd. A full list of the affected ratings can be found at… Continue reading Yanfeng Global Auto Interior Sys Co., Ltd — Moody’s places ratings of four Chinese and Korean automotive parts suppliers under review for downgrade
TI Group Automotive Systems L.L.C. — Moody’s places ratings of 25 US auto and commercial vehicle parts suppliers, and certain logistics providers under review for downgrade
Rating Action: Moody’s places ratings of 25 US auto and commercial vehicle parts suppliers, and certain logistics providers under review for downgrade. Global Credit Research- 26 Mar 2020. New York, March … Go to Source
Aptiv and Hyundai Motor Group Complete Formation of Autonomous Driving Joint Venture
DUBLIN / SEOUL / BOSTON, March 26, 2020 – Aptiv (NYSE: APTV) and Hyundai Motor Group are pleased to announce they have completed the formation of their 50/50 autonomous driving joint venture aimed at advancing the companies’ shared vision of making mobility more safe, green, connected, and accessible. Headquartered in Boston with technology centers across… Continue reading Aptiv and Hyundai Motor Group Complete Formation of Autonomous Driving Joint Venture
MAGNA PROVIDES UPDATE ON CURRENT COVID-19 ACTIONS AND WITHDRAWS OUTLOOK
AURORA, Ontario, March 26, 2020 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today provided an update on a number of actions related to the COVID-19 pandemic.Magna has established internal task forces to assess, monitor and deal with the potential impact of COVID-19 on our business and share information across the company. We… Continue reading MAGNA PROVIDES UPDATE ON CURRENT COVID-19 ACTIONS AND WITHDRAWS OUTLOOK
Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
“At present, we are witnessing how the markets are collapsing overnight,” said ZF CEO Wolf-Henning Scheider on Thursday in Friedrichshafen. “At ZF, we have reacted quickly and decisively to the spread of the coronavirus and have prioritized the health and interests of our employees in line with those of the company in the best way… Continue reading Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
BorgWarner Inc. — Moody’s places BorgWarner’s Baa1 senior unsecured rating under review for downgrade, commercial paper rating unaffected
Moody’s Investors Service, (“Moody’s”) placed the Baa1 senior unsecured ratings of BorgWarner, Inc. (“BorgWarner”) under review for downgrade. BorgWarner’s P-2 commercial paper rating is unaffected at P-2. Go to Source
Kongsberg Automotive ASA — Moody’s places ratings of 14 European Automotive parts suppliers under review for downgrade; downgrades six issuers
Rating Action: Moody’s places ratings of 14 European Automotive parts suppliers under review for downgrade; downgrades six issuers. Global Credit Research- 26 Mar 2020. Frankfurt am Main, March 26, 2020– … Go to Source
Adient Global Holdings Ltd — Moody’s places Adient’s ratings under review for downgrade, senior secured rating downgraded to Ba3.
Rating Action: Moody’s places Adient’s ratings under review for downgrade, senior secured rating downgraded to Ba3. New York, March 25, 2020 — Moody’s Investors Service placed the ratings of Adient Global Holdings Ltd. (Adient) including Corporate Family Rating (CFR) at B2, the Probability of Default Rating at B2-PD, and the senior unsecured ratings at B3… Continue reading Adient Global Holdings Ltd — Moody’s places Adient’s ratings under review for downgrade, senior secured rating downgraded to Ba3.