On May 10, 2018, S&P Global Ratings raised its corporate credit rating on global auto component supplier International Automotive Components Group S.A. (IAC) to 'B-' from 'CCC-'. The outlook is negative. Subsequently, we withdrew our 'B-' corporate credit rating on IAC at the company's request. We raised our corporate credit rating on IAC to reflect its reduced risk of default following the completion of a refinancing transaction. As part of the recapitalization, IAC issued $215 million of senior secured notes due April 2023 (unrated) to funds managed by Gamut Capital Management LP, a private equity firm. The company used proceeds to refinance its $300 million 9.125% senior secured notes due June 1, 2018. The rating on IAC reflects our expectation
