The Brazilian Defense Sector - Market Opportunity and Entry Strategy, Analyses and Forecasts to 2015
- Published: June 2010
Standard & Poor's Ratings Services is assigning preliminary recovery and issue-level ratings to Luxembourg-based automotive supplier International Automotive Components Group S.A.'s (IAC) new senior secured $300 million notes maturing 2018. Successful funding of the notes issue will allow IAC to make a $155 million distribution to shareholders and repay existing debt. Our simulated default scenario contemplates a payment default in 2014, resulting from a renewed slump in the U.S. auto industry and lower production of automobiles in Europe. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings-," published Aug. 10, 2009, on RatingsDirect on the Global Credit Portal.) The notes will be issued by International Automotive Components Group S.A., the parent entity for all operations in...
Companies mentioned in this report are: International Automotive Components Group, S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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International Automotive Components Group, S.A.
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