Dura Automotive Systems Inc. has had its corporate credit rating lowered. That will make the cost of borrowing money more expensive for the Rochester Hills, Mich., supplier of driver controls.
Standard & Poor's lowered Dura's rating to 'B' from 'B+' because of weak operating results, high debt and a weak cash position. Dura's total debt is $1.2 billion, and its outlook is negative.
The credit downgrade Friday, March 18, followed Dura's announcement two days earlier that it cut its first-quarter and full-year outlook because of the decline in North American light-truck production.