S&P lowers TI Automotive view to negative

Standard & Poor's said it revised its outlook on TI Automotive Ltd. to negative from stable.

At the same time, S&P said it affirmed its BB- long-term corporate credit and BB senior secured bank loan ratings on the group.

The agency noted the outlook revision reflects TI Auto's reduced recent financial performance and weakening credit protection measures, which are presently lower than those normally associated with a BB- rating.

The ratings continue to reflect the group's aggressive financial profile, the challenging industry conditions in which it operates, significant competitive pressure and a degree of customer concentration, S&P said.

The negative factors are compensated to some degree by TI Auto's leading market positions, particularly in brake and fuel lines, broad product and platform coverage and good geographical diversity, the agency added.

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