S&P affirms Inter Auto Parts

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Inter Auto Parts Italia SpA, but lowered its rating on the €105 million 10.75% notes issued by the group's subsidiary Rhiag SA to B- from B+.

The outlook is stable.

S&P said the rating on the bond, which was previously at the same level as the corporate credit rating on Inter Auto Parts, has been lowered after a reassessment of structural considerations indicated that the bonds rank behind a material level of liabilities in Inter Auto Part's operating companies.

Consequently, S&P said the rating action does not reflect an adverse credit development at Inter Auto Parts or its subsidiaries.

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