TEXT-S&P: Navistar sale of common shares has no rating effect
Oct 24 - Standard & Poor's Ratings Services said today that its ratings on Navistar International Corp. (B/Negative/--) are not affected by the company's announced sale of up to 11.5 million common shares. The $215 million proceeds (assuming today's opening price) will buttress liquidity as the company implements its product revamp over the next year. The critical risks that underlie the corporate credit rating continue to be Navistar's effectiveness in executing its operating plan in a timely fashion, the quality of its new products, and whether it can regain lost market share.
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