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S&P Puts Trident Automotive on Watch

13 April 1998

Standard & Poor's Places Trident Automotive on Watch, Positive Regarding Merger

    NEW YORK, April 13 -- Standard & Poor's today placed its
single-'B'-plus corporate credit and bank loan ratings and single-'B'-minus
subordinated debt rating of Trident Automotive PLC on CreditWatch with
positive implications.  This follows the recent announcement that Dura
Automotive Systems Inc. and Trident have entered into a definitive merger
agreement.
    Under the merger agreement, Dura will pay Trident shareholders
approximately $87.5 million in cash.  Trident generated about $300 million in
revenues in 1997.  Pro forma 1997 revenues for the combined entity are
estimated to be about $825 million.
    Dura manufactures driver control systems, engineered mechanisms, and
cable-related systems for the global automotive industry.  Trident produces
cable assemblies, lighting products, and door handle assemblies, also for the
global automotive industry.  The combined company will have good customer and
geographic diversity and leading market positions for many of its products.
However, it will also be highly leveraged.
    Standard & Poor's will meet with management to discuss the business
strategies and financial goals for the combined company.  The ratings review
will include an analysis of the competitive position of the company following
the merger, the likelihood of additional acquisitions, and the prospects for
improved credit protection measures over the near to intermediate term.  Dura
does not intend to assume Trident's debt, so the review will also include an
analysis of the relationship between Trident and Dura post-merger.  Ratings
could be raised if it appears that the merger will result in an improved
credit profile for the Trident bondholders.  The current bank loan ratings may
be withdrawn if existing bank facilities are refinanced in conjunction with
the merger. -- CreditWire

SOURCE  Standard & Poor's CreditWire