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Moody’s Investors Service on Wednesday cut a rating on BorgWarner Inc. to its lowest investment-grade rating, citing the worsening outlook for parts suppliers.

Lear Corp.’s board approved a plan to reduce future tax liability and restrict ownership changes at the auto-parts supplier.

Lear Corporation , a leading global supplier of automotive seating systems, electrical distribution systems and electronics products, today announced that its Board of Directors has adopted a stockholder rights plan .

LAKE FOREST, Ill.—-Tenneco announced today that its senior lenders have agreed to amend a financial covenant in Tenneco’s senior secured credit facility for the fourth quarter of 2008, which relaxes the leverage covenant ratio by increasing the maximum ratio to 4.25 from a maximum ratio of 4.0.

Fitch Ratings on Monday cut its rating on auto parts supplier Visteon Corp. further into junk territory, citing the steepening downturn in global auto production.