Summary: Visteon Corp. May 04
Standard & Poors, May 2004
Abstract
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.
Action: Review
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.
Visteon Corp.
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