S&P: International Automotive view stable

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

"The corporate credit rating on International Automotive Components Group S.A. reflects Standard & Poor's Ratings Services' view of the company's aggressive financial risk profile and vulnerable business risk profile," said S&P credit analyst Nishit Madlani in a news release.

The agency said its outlook revision to stable from negative reflects an expectation that leverage will continue to remain at less than 4x over the next 12 months, with prospects for moderate free operating cash flow generation in 2013. This should support the company's ability to balance its business development needs with capital structure stability over the next 12 to 18 months, S&P said.

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