We view global auto component supplier International Automotive Components Group S.A.'s (IAC) business profile as vulnerable and its financial profile as aggressive following a proposed recapitalization to pay down some of its existing debt and finance a shareholder distribution. We are assigning our preliminary corporate credit rating of 'B+' to IAC and our 'B' preliminary issue ratings (with a preliminary '5' recovery rating) to its proposed $300 million senior secured notes. We are assigning a stable outlook, reflecting our assumption that the company will generate positive cash flow generation in 2011 and leverage will be about 3.5x over the next 12 months. NEW YORK (Standard&Poor's) May 19, 2011--Standard&Poor's Ratings Services said today that it assigned its
