Recovery Report: International Automotive Components Group S.A.?s Recovery Rating Profile Jun 11
- ID: 1823419
- June 2011
- Region: Global
- Standard & Poors
Standard & Poor's Ratings Services has assigned recovery and issue-level ratings to 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 auto production 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 North America, Europe,...
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