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The Associated Press May 18, 2011, 4:18PM ET

Moody's assigns investment-grade rating to Magna

Moody's Investors Service on Wednesday gave an investment-grade rating to Magna International Inc.'s senior unsecured issuer rating.

The agency assigned a "Baa2" rating, noting the automotive parts supplier's global presence, strong market position and financial strength as evidenced by its limited adjusted debt and substantial surplus cash.

The rating also takes into account the company's focus within the automotive industry, which is cyclical and competitive. The majority of the Magna's revenue comes from General Motors, Ford Motor Co. and Chrysler, and the Canadian company relies largely on its North American operations for profitability.

The agency said the ratings outlook is stable, reflecting the view that Magna will improve its credit profile in the near term while maintaining a liquid and conservative balance sheet.

Shares of Magna added 92 cents to $49.59.

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