The corporate credit rating on International Automotive Components Group S.A. (IAC) reflects Standard&Poor's Ratings Services' view of the company's "aggressive" financial risk profile and "vulnerable" business risk profile. Our recent outlook revision to stable from negative reflects our expectation that leverage will continue to remain at less than 4.0x over the next 12 months, with prospects for moderate free operating cash flow generation in 2013. This should support IAC's ability to balance its business development needs with capital structure stability over the next 12 to 18 months. IAC's vulnerable business risk profile reflects a somewhat limited track record in its current form, our assumption of mid-single-digit EBITDA margins, and its participation in the volatile and competitive global auto
