...Recent Upgrade: The ratings upgrade in February 2014 reflects Tenedora Nemak's strengthened credit profile, strong business position as a large Tier 1 supplier of aluminum components, increased size, regional and product-portfolio diversification, and reduced dependence on Detroit's Big Three automotive OEMs. It also reflects Fitch Ratings' view that positive trends in operating results w ill continue. Geographic Diversification: Nemak's expansion in Europe, South A merica and Asia increases its geographical diversification, scale, ties to manufacturers, and ability to generate cash flow . In ter ms of sales, Nemak's main mar kets during 2013 w ere North A merica (59%) and Europe (32%) w ith the rest coming from the company's operations in Brazil, China and India among other countries. Positive Outlook in Key Markets: Fitch expects Nemak w ill continue to benefit from positive low single-digit grow th in U.S. vehicle sales, driven by slow ly improv ing economic conditions, increasing consumer...
