S&P drops International Automotive to negative

Standard & Poor's said it revised its outlook on International Automotive Components Group SA to negative from stable and affirmed its ratings on the company, including the B+ corporate credit rating.

"The B+ corporate credit rating on IAC reflects our view of the company's aggressive financial risk profile, with debt to EBITDA (including our adjustments) that we expect will be around 4.0x over the next year, and its vulnerable business risk profile that reflects a limited track record in its current form, our assumption of mid single-digit EBITDA margins and participation in the volatile and competitive global auto supplier industry," said S&P credit analyst Nishit Madlani in a news release.

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