Oct. 8 – On Oct. 1, Standard & Poor’s placed its double-B-plus corporate credit and senior unsecured debt ratings on Western Star Truck Holdings Ltd. on CreditWatch with negative implications.
The CreditWatch placement follows Western Star’s release of its fiscal 1998 preliminary financial results on Sept. 25 and a strike at the company’s bus manufacturing subsidiary, Orion Bus Industries, that started Sept. 14. The 1998 profits and strong performance recorded by Western Star’s other divisions were offset by a $40 million (Canadian) loss before taxes at Orion, which Western Star bought in 1995 and has been trying to turn around.