Moody’s downgrades auto parts supplier BorgWarner
Dec 29, 2008 | 07:20 AM
| Michael Cowden
Moody's Investors Service has downgraded the senior unsecured debt of parts supplier BorgWarner Inc., noting that the company could face further ratings downgrades because of the "eroding outlook" for the auto parts industry.
While only 12 percent of BorgWarner's revenue is generated from the North American operations of the troubled Detroit-area Big Three automakers, according to the New York-based ratings firm, the global auto industry has also been ailing.....
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