Global auto interior component supplier International Automotive Components Group S.A. (IAC) has not implemented a comprehensive strategy to repay or refinance about $300 million in bonds maturing June 1, 2018. Although we understand that IAC is working toward addressing those maturities, we believe the process could take a few more months. Therefore, we are lowering our corporate credit rating on the company to 'CCC+' from 'B' to reflect the increased refinancing risk and negative free cash flow, which will weaken its liquidity. The developing outlook reflects the possibility of either a positive or negative rating action over the next six months, depending on the progress of the company's refinancing initiatives. On June 5, 2017, S&P Global Ratings lowered its corporate
