The rating on Southfield, Mich.-based automotive components and systems supplier International Automotive Components Group S.A. reflects our view of the company's aggressive financial risk profile, with debt to EBITDA (including our adjustments) that Standard&Poor's Ratings Services expects will be around 3.5x or less over the next year, and its vulnerable business risk profile that reflects its limited track record in its current form. Other factors include our assumption of single-digit EBITDA margins and participation in the volatile and competitive global auto supplier industry. The financial risk profile assessment reflects our view that over the long term, IAC's financial policies will remain aggressive, given its concentrated private-equity ownership. According to our estimates, lease-adjusted debt to EBITDA will be about
