Lear Corporation's Credit Rating Upgraded By Moody's
11 February 1999
Lear Corporation's Credit Rating Upgraded By Moody'sSOUTHFIELD, Mich., Feb. 10 -- Lear Corporation today announced that Moody's Investors Service has upgraded its ratings for Lear's $400 million shelf registration to (P)Baa3 for senior notes, (P)Ba1 for senior subordinated notes, and (P)Ba2 for subordinated notes. Moody's also upgraded to Ba2 Lear's $145 million of 8.25 percent subordinated notes and $200 million of 9.5 percent subordinated notes. At the same time, Moody's also confirmed the Baa3 rating of Lear's $2.1 billion senior unsecured bank credit facility. Commenting on the credit upgrade, Lear Senior Vice President and Chief Financial Officer Donald J. Stebbins said, "We're very pleased that Moody's Investors Service has upgraded Lear's credit rating to investment grade. This positive action should help reduce future borrowing rates, thus minimizing Lear's cost of capital." In announcing the credit upgrade, Moody's stated that Lear's "rating outlook is stable. The rating upgrade reflects Lear's strong market position and stable operating and financial capabilities despite an aggressive acquisition strategy." Lear Corporation, a Fortune 500 company, is one of the world's largest automotive suppliers, with 1998 sales of $9.1 billion. The company's world- class automotive interior products are designed, engineered and manufactured by more than 60,000 employees in over 200 facilities located in 28 countries. Information about Lear and its products is available on the Internet at http://www.lear.com.