Fairly high customer concentration Earnings are overexposed to North America Improved EBITDA margins following European restructuring Solid free operating cash flow over the past three years Prudent working capital management High capital expenditure requirements in Asia Pacific Low debt leverage relative to peers S&P Global Ratings' stable outlook on Cooper-Standard Holdings Inc. reflects our belief that the company will likely sustain EBITDA margins of more than 12% as it transfers its capacity to low-cost regions and works to implement better operating efficiencies at its manufacturing facilities. Despite its somewhat higher capital expenditure requirements, Cooper-Standard will likely maintain debt-to-EBITDA of less than 3.0x and steady free operating cash flow (FOCF) generation amidst the backdrop of plateauing industry conditions because of the
