Fitch backs American Axle ratings |
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Fri, 29 Jun 2007 21:07
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CHICAGO (AP) - Fitch Ratings said Friday it lifted American Axle & Manufacturing Holdings Inc.'s outlook and backed several of the company's junk ratings.The ratings agency affirmed American Axle's 'BB' default rating, 'BB' unsecured credit facility rating, 'BB' unsecured term loan rating and 'BB' unsecured note rating.Fitch revised the company's outlook to stable from negative on stronger production demand, due to the launch of new General Motors Corp. truck products and greater debt reduction among other factors. Additionally, Fitch noted American Axle's new business with customers outside of GM continues to grow.The Detroit-based company historically wins 25 percent to 30 percent of new business bids, the ratings agency said.Shares of American Axle fell 14 cents to $29.59 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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