Auto Industry
Industry: Email Alert RSS FeedRemy slips into troubled water.(Delco Remy International Inc.)
Automotive News, November, 2005 by Sherefkin, Robert
Byline: Robert Sherefkin
Remy International Inc., a former unit of General Motors that spun off more than 10 years ago, has become an increasingly risky financial bet.
"They are very much at risk if anything goes wrong,'' says Nancy Messer, a Standard & Poor's credit analyst. By "anything going wrong,'' she means reversal in business, financial or economic conditions.
"They are no longer in a position where they control things,'' she says.
On Tuesday, Nov. 15, S&P downgraded Remy deep into "junk'' territory with a CCC rating, down from B-. The decision was prompted by fears that the supplier of starters, alternators and hybrid drive systems may not be able to cover its interest expense.
Remy, formerly Delco Remy...
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