Auto Suppliers Jump On Good Sales Figures
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Auto Suppliers Jump On Good Sales Figures

The debt of U.S. auto suppliers climbed on positive industry sales figures last week.

The debt of U.S. auto suppliers climbed on positive industry sales figures last week. Among the big movers were J.L. French, which saw its term loan "B" move to 93 from the high 80s. Delphi's pre-petition revolving credit was also up half a point to 103.

According to figures from the big auto companies, sales of cars picked up 1% in 2005 giving them 45.1% of the market. In contrast, sales of SUVs were at their lowest levels since 1998. The performance of the two big auto makers, General Motors and Ford Motor, lagged behind the rest of the industry. Sales at GM were down 4.3% in 2005, while sales at Ford dropped nearly 5%. Despite this, credit default swap spreads on GMAC, a subsidiary of General Motors, tightened 40 basis points to 420, while CDS spreads on Ford Motor tightened 24 basis points to 970.

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