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S&P Lwrs AutoAlliance Intl LOC Comm Pap Rtg;Off Watch

21 August 1998

S&P Lwrs AutoAlliance Intl LOC Comm Pap Rtg;Off Watch

    NEW YORK--Standard & Poor's CreditWire 8/21/98--Standard & Poor's lowered its rating on AutoAlliance International Inc.'s $100 million letter of credit supported commercial paper program to 'A-3' from 'A-2' and removed the rating from CreditWatch, where it was placed June 17, 1998.
    AutoAlliance International is backed by a letter of credit from Sumitomo Trust & Banking Co. Ltd. The rating action follows the July 30, 1998 downgrade of the banking institution, Standard & Poor's said.
---CreditWire