S&P REITERATES HOLD OPINION ON SHARES OF LEAR
(Standard & Poor's)
We believe LEA shares are sharply lower today on bankruptcy fears. Separately, we are widening our projected '09 loss per share by $0.99 to $5.39, as we expect Lear to suffer from reduced industry demand, lost market share of key customers, and the shift from pickup trucks and SUVS. In our view, it is increasingly likely Lear will miss a June 30 interest payment and will file for bankruptcy. While an alternative financial arrangement remains possible, we are lowering our 12 month-target by $0.50 to $0.50, our lowest possible.