We expect Mexico-based automotive components manufacturer, Nemak, to maintain its strong market position and operating performance in line with its rating category for the next two years. We are affirming our 'BB+' global scale and 'mxAA-' national scale ratings on the company. The stable outlook reflects our expectation that the company will maintain its key credit metrics in line with its "significant" financial risk profile in the next two years, including debt to EBITDA of around 2.0x and funds from operations (FFO) to debt of about 40%. On June 1, 2015, Standard&Poor's Ratings Services affirmed its 'BB+' global scale corporate credit and issue-level ratings on Nemak S.A. de C.V. (Nemak, formerly Tenedora Nemak S.A. de C.V.). We also
