Moody's revises TI Group Automotive view to positive

Moody's Investors Service said it affirmed TI Group Automotive Systems LLC's B1 corporate family rating, B1-PD probability of default rating and B1 senior secured bank credit facility rating.

The speculative grade liquidity rating was upgraded to SGL-2.

The outlook was changed to positive from stable.

“The actions reflect Moody's expectation for TI Group to resume margin expansion in 2021, boosted by recovering light vehicle volumes and increasing content per vehicle on the range of electric vehicle platforms,” Moody’s said in a news release.

“The actions also include expectations for the company to extend its track record of solidly positive free cash flow generation, providing flexibility to accelerate debt repayment beyond internal growth investments.”

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