Global auto component supplier International Automotive Components Group S.A.'s (IAC) fourth-quarter 2014 profitability was limited by capacity constraints and challenges related to its multiple new program launches. Additionally, IAC's 2014 free operating cash flow (FOCF) was lower than we had anticipated, in part because of increased capital expenditures and working capital requirements. We are lowering our corporate credit rating on IAC to 'B' from 'B+'. The outlook is stable. The stable outlook reflects our view that the company's financial metrics will stay in line with our expectations (a debt leverage ratio of less than 4.0x and a FOCF-to-debt ratio of more than 5%) for the current rating. On April 20, 2015, Standard&Poor's Ratings Services lowered its corporate credit
