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Summary: Visteon Corp. May 04
Standard & Poors, May 2004
The ratings on Visteon Corp. reflect its below-average business risk profile, characterized by a high fixed-cost structure and heavy customer concentration in the very challenging automotive supply industry; weak financial performance; and large, underfunded employee benefit obligations. These factors more than offset Visteon's fair liquidity and its strengths as one of the world's largest automotive suppliers with a broad product portfolio and leading market shares for many of its products. The company's operating performance deteriorated in 2003 from already subpar results over the past few years. With 75% of sales generated from Ford Motor Co. (BBB-/Stable/A-3), its former parent company, Visteon has been challenged by the difficulties of the North American automotive industry in recent years, including reduced vehicle production...
Companies mentioned in this report are: Visteon Corp.
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