Standard&Poor's Ratings Services' 'B' corporate credit rating on SRAM LLC reflects the company's high debt leverage; limited liquidity; and risks relating to its sales concentration in components for the mid-range to high-end bicycle market, which faces prospects of slowing growth. The company's good market position in some segments of this market and its long-term nonexclusive relationships with major bicycle original equipment manufacturers (OEM's) are some positive factors. SRAM is a distant second in the highly competitive bicycle component market. Its market share is roughly one-third that of market leader Shimano Inc., which has stronger brand recognition, product development ability, and profitability, as well lower financial leverage. Still, SRAM holds a good competitive position in four of its six
