TEXT-S&P rates American Axle & Manufacturing Inc proposed notes

Sept 4 - Standard & Poor's Ratings Services said today that it has assigned a 'B' rating to American Axle & Manufacturing Inc.'s proposed $550 million senior unsecured notes due 2022, with a recovery rating of '6', indicating our expectation that lenders would receive negligible (0%-10%) recovery in the event of a default. At the same time we are lowering the issue-level rating on the company's $425 million 9.25% senior secured notes due 2017 to 'BB' from 'BB+', and revising the recovery rating