Retail

Standard & Poor's downgrades Cooper

Order Reprints

Standard & Poor's has lowered its corporate credit and senior unsecured rating on Cooper Tire & Rubber Co. from "BBB-" to "BB+."

The decision was made due to "poor near-term earnings and cash flow prospects for the tire manufacturer, which will cause credit protection measures to be weaker than previously expected," say Standard & Poor's officials.

"Cooper has reported depressed operating results during the past year and is expected to continue to experience earnings pressure for at least the next few quarters.

Standard & Poor's believes Cooper "will experience continued market share pressure because of its capacity constraints and because order fill rates are lower than historical levels."

You must login or register in order to post a comment.