Mark IV Industries Inc. today had its corporate and other credit ratings placed under review because of weak financial results and difficult operating conditions.
Standard & Poors Ratings Services put the manufacturing conglomerates ratings on CreditWatch with negative implications. Mark IV, of Amherst, N.Y., has total debt of about $1.3 billion after adjustments for pensions and other postretirement benefits, operating leases and trade receivables sold.
The companys B corporate rating, which is deep into speculative or junk territory, is unchanged.
Mark IVs automotive unit, Mark IV Automotive, supplies power transmission products, air intake manifolds and fuel and fluid handling systems. Mark IV Automotive ranks No. 97 on the Automotive News list of the top 150 suppliers to North America with estimated North American original-equipment automotive parts sales of $433 million in 2006.