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. On May 19, 2011, Standard&Poor's Ratings Services assigned its preliminary 'B+' corporate credit rating to International
