...Strong Business Profile: Continental AG's ratings reflect its large manufacturing operations, global footprint, top-ranking positions in the markets in which it operates and solid end-market diversification with about 30% of sales in the less volatile replacements business. The Stable Outlook reflects Fitch Ratings' expectations for key credit metrics to remain in line with the current ratings over the next couple of years. Veyance ¡ Limited Leverage Impact: Fitch expects the USD1.9bn acquisition to be financed from the group's existing cash of EUR2bn at end-2013 and/or undrawn committed credit lines, with FFO adjusted gross leverage remaining below our negative guidelines of 2x. Veyance's 2013 EBITDA margin was 14% and will have no material dilutive effect on Continental's ContiTech division's 15% margin. Veyance's high exposure to the North American market will increase ContiTech's geographic diversification by reducing the sales bias toward Europe. Solid Growth Prospects: Our projection...
