Tupy is a leading producer of cast iron engine blocks and heads for light, commercial, and off-road vehicles. We believe the company will continue posting strong credit metrics, supported by its adequate operating efficiency and prudent financial policies. We assigned a 'BB-' global scale rating and 'brA' Brazilian national scale rating to Tupy. The outlook is stable, reflecting our expectations that the company will increase its revenues and widen its EBITDA margins on the back of some improvements in the contract conditions in its Mexican plants. This is despite somewhat challenging scenarios in some of the markets and segments the company operates in. On June 30, 2014, Standard&Poor's Ratings Services assigned its 'BB-' corporate credit rating on Tupy
