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Aetna Industries Inc. Ratings Raised; Off S&PWatch

2 November 1998

Aetna Industries Inc. Ratings Raised; Off S&PWatch

    NEW YORK, Oct. 30 -- Standard & Poor's today raised its
corporate credit rating on Aetna Industries Inc. to single-'B'-plus from
single-'B' and raised its senior unsecured rating on $85 million of debt
maturities to single-'B' from single-'B'-minus.  Both ratings were removed
from CreditWatch, where they were placed April 16, 1998.
    Standard & Poor's also assigned its single-'B'-plus corporate credit
rating to parent company, Trianon Industries Corp.  The outlook is stable for
both Aetna and Trianon.
    The CreditWatch placement followed the announcement that Trianon
Industries (formerly known as MS Acquisition Corp.) had purchased all of the
outstanding capital stock of Societe Financiere de Developpement Industriel et
Technologique (Sofedit), a private French company.
    The rating upgrade reflects Trianon's enhanced global focus with
significant operations in the US and Europe, which should well position the
company for the ongoing trend towards globalization in the automotive supplier
industry.
    The rating reflects the company's decent niche positions in a cyclical and
intensely competitive industry, largely offset by a weak financial profile.
Trianon is a leading supplier of highly engineered metal-formed components,
complex modules, and mechanical assemblies for the automotive industry in
Europe and North America.  Pro forma for the merger, European operations
should account for approximately 70% of sales and North America, 30% of sales.
Aetna produces stampings and welded assemblies, mainly used for light trucks
and sport utility vehicles, the fastest growing segments of the North American
automotive industry.  Sofedit produces stampings, welded assemblies and
prototypes primarily for European auto manufacturers.  Trianon's customer base
is relatively diversified with Renault, Peugeot S.A., Chrysler Corp., General
Motors Corp., and Toyota Motor Corp. accounting for approximately 80% of
sales. Trianon should also benefit from potential cross-selling opportunities,
as well as Aetna's assembly capabilities and Sofedit's hot stamping and
hydroforming technologies.  However, integrating the two corporate cultures
will be a challenge.
    High financial risk results from a very aggressively leveraged balance
sheet and thin cash flow protection.  Pro forma for the merger, debt totals
$334.5 million and shareholder's equity is negative $5.2 million.  Debt usage
is expected to remain high as Trianon's growth plan, which includes bolt-on
acquisitions, may require additional external funding.  Funds from operations
to total debt should be approximately 10%-20%, and total debt to earnings
before interest, taxes, depreciation, and amortization (EBITDA) should be
average about 4 times, which are appropriate levels for the rating.

    OUTLOOK:  STABLE
    A heavy debt burden, thin cash flow coverage protection, and cyclical
exposure limit ratings upside potential.  Moderately favorable industry trends
and a decent business position limit downside risk, Standard & Poor's said.
 -- CreditWire