We expect Tupy's international operations and favorable foreign exchange rates to support its healthy operating metrics and debt reduction during the next few years. We affirm our 'BB-' global scale and 'brA' national scale ratings on Brazil-based cast iron components manufacturer. The stable outlook reflects our expectation that the company's operating and credit metrics will remain resilient to the weakening Brazilian market and the international off-road industry. On May 22, 2015, Standard&Poor's Ratings Services affirmed its 'BB-' global scale corporate credit rating and 'brA' national scale corporate credit and debt ratings on Tupy S.A. The outlook remains stable. The ratings affirmation reflects our expectation that Tupy will report mid-single digit revenue growth, profitability in line with its global
