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Summary: Tower International Inc. Oct 11
Standard & Poors, October 2011
The ratings on Michigan-based Tower International Inc. reflect what Standard & Poor's Ratings Services considers Tower's aggressive financial risk profile and weak business risk profile (The company has several major competitors, and we assume vehicle production will remain sensitive to a weak economy). We expect Tower's sales for 2011 to grow at least in the single digits year over year. In 2011, we expect U.S. light-vehicle sales to increase about 9%, to 12.6 million units, but European light-vehicle sales to fall slightly. If light-vehicle demand falls modestly below out current industry assumptions, we still believe the company's credit measures should remain within expectations for the current rating. In the second quarter, revenue was $602.7 million, up 20% over second-quarter sales...
Companies mentioned in this report are: Tower International Inc.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Tower International Inc.