Fair market position; Lack of meaningful near-term debt maturities; and Potential for moderating leverage over time. Cyclical, competitive industry; Concentrated customer base with strong pricing power; High fixed costs with potential exposure to volatile resin price increases; and Aggressive financial policy, given concentrated private-equity ownership. The rating on Southfield, Mich.-based automotive components and systems supplier International Automotive Components Group S.A. reflects our view of the company's aggressive financial risk profile, with debt to EBITDA (including our adjustments) that Standard&Poor's Ratings Services expects will be around 3.5x or less over the next year, and its vulnerable business risk profile that reflects its limited track record in its current form. Other factors include our assumption of single-digit EBITDA margins and
