We view global auto component supplier International Automotive Components Group's business profile as vulnerable and its financial profile as aggressive following a recapitalization to pay down some of its existing debt and finance a shareholder distribution. We are assigning our corporate credit rating of 'B+' to IAC and our 'B' issue ratings (with a '5' recovery rating) to its $300 million senior secured notes. We are also 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. On June 10, 2011, Standard&Poor's Ratings Services assigned its 'B+' corporate credit rating to International Automotive Components Group S.A. (IAC), a Luxembourg-based
