Credit rating changes in July 2006
An overveiw of the credit rating changes last month
Company New Rating Agency Comment ArvinMeritor Ba1, Ba2, Ba3, SGL-2, Negative Moody's Ratings on approximately $10.9m of ArvinMeritor, Inc.'s remaining notes that were issued under its 1990 indenture were downgraded and ratings affirmed on all of the company's other unsecured notes at Ba3. The action follows ArvinMeritor depositing approximately $11.9m of an investment in a money market fund into an escrow account for the benefit of note holders. There is insufficient documentation to support a differentiated rating for the affected instruments. All other ArvinMeritor ratings are unaffected by this action and have been affirmed. 6.625% notes maturing in 2008 (approximately $4.7m remaining) to Ba3 from Ba2. 7.125% notes maturing in 2009 (approximately $6.1m remaining) to Ba3 from Ba2.
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