For the first half of 2012, global auto supplier International Automotive Components Group S.A.'s (IAC) results have steadily improved as a result of the recovery in North American production and a better product mix, which so far has offset volume declines in Europe. We expect IAC to maintain steady earnings, given our base-case expectation for recovering light vehicle production volumes in its end-markets and the launch of new programs over the next 12 to 18 months. We are affirming our 'B+' corporate credit rating and revising the outlook to stable from negative. The stable outlook reflects our expectation that leverage will continue to remain at less than 4.0x over the next 12 months, with prospects for moderate free operating cash
