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Aftermarket Technology Corp. Confirms Standard & Poor's Ratings Revisions

17 June 1999

Aftermarket Technology Corp. Confirms Standard & Poor's Ratings Revisions Based on 1998 Results

    WESTMONT, Ill., June 16 -- Aftermarket Technology Corp.
(ATC) today confirmed that based on a review of ATC's 1998
performance, Standard & Poor's (S&P) downgraded the Company's senior debt
rating to B+ from BB- and its subordinated debt rating to B- from B.  Both
ratings were removed from CreditWatch.  This action returns the Company's
credit ratings to 1997 levels.  S&P indicated that they are comfortable with
the new management team that was put in place in December 1998 and re-affirmed
that ATC's outlook remains stable.
    In related news, ATC confirmed that in May, Moody's reaffirmed their
rating of the Company's senior implied debt, holding it at Ba3.
    In commenting on the S&P ratings changes, Barry Kohn, Chief Financial
Officer of ATC said, "Today's announcement by S&P reflects the agency's review
of our 1998 performance.  I want to emphasize that the ratings are primarily
based on last year's results.  Our turn-around is solidly on track.  S&P cited
numerous factors that contributed to the weak operating performance during
1998.  All of these issues were addressed previously with corrective actions
either completed or on schedule.  S&P noted that our restructuring actions and
an increased customer focus will lead to improved operating and financial
performance this year."
    Commenting further, Kohn said, "I think it is significant to note that
just last month Moody's maintained their Ba3 rating on our senior debt.  Our
1999 performance continues on track and as a management team we remain
comfortable with consensus earnings estimates for the second quarter and for
the full year."
    Aftermarket Technology Corp. is headquartered in Westmont, Illinois.  The
Company's principal products include remanufactured transmissions, torque
converters and engines, as well as remanufactured and new parts for the repair
of automotive drive train assemblies.  ATC also remanufactures electronic
control modules, instrument and display clusters and radios.  In addition, the
Company provides third party distribution and material logistics services.
    The Company's customers include original equipment manufacturers,
independent transmission rebuilders, as well as wholesale distributors and
retail automotive parts stores.  Established in 1994, the Company maintains
more than 65 distribution centers throughout the United States and Canada.
Aftermarket Technology Corp. posted 1998 revenues of $486.8 million.