Global auto interior component supplier International Automotive Components Group S.A. (IAC) has been unable to refinance about $300 million of bonds maturing June 1, 2018, despite multiple attempts over the past 12 months. While the company received the proceeds from its announced soft trim and acoustic joint venture in September, its liquidity remains weak in light of its looming debt maturities over the next six months. Therefore, we are downgrading IAC to 'CCC-' from 'CCC+'. The negative outlook reflects the potential risk of an exchange offer or similar restructuring that we classify as distressed, if IAC is unable to negotiate a recapitalization with its lenders before June 1, 2018. On Feb. 14, 2018, S&P Global Ratings lowered its long-term corporate
