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, with debt to EBITDA that we expect will be around 4.0x or less over the next year. 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 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, debt to EBITDA was under 4.0x by the end of 2011 and should remain below that level
