We expect that International Automotive Components Group S.A.'s (IAC) profitability will remain weaker than we had previously expected because the company is facing operational challenges. Therefore, we are revising our outlook on global auto component supplier International Automotive Components Group S.A. to negative from stable. At the same time, we are affirming all of our ratings on the company, including our 'B' corporate credit rating. The negative outlook reflects that there is an increased likelihood that we could downgrade IAC within the next 12 months if the company's continued weak profitability leads its debt-to-EBITDA metric to increase toward 5.0x as of the end of fiscal-year 2016 with limited prospects for free operating cash flow (FOCF) in 2017. On March 18,
