Tower International Inc.'B+' Corporate Credit And Issue-Level Ratings Affirmed; Recovery Rating Revised To '4' Oct 11
- Language: English
- Published: October 2011
- Region: Global
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.
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Tower International Inc.