Summary: Plastech Engineered Products Inc. Sep 04
Standard & Poors, September 2004
Abstract
The ratings on Dearborn, Mich.-based Plastech Engineered Products Inc. reflect the company's below-average business profile and aggressive financial policy. Plastech is a privately held, major producer of plastic interior and exterior trim components for the automotive industry. The company, established in 1988, has grown quickly through acquisitions, internal growth, and joint ventures; Plastech's acquisition of LDM Technologies Inc. in February 2004 nearly doubled the size of its revenue base. Total balance sheet debt was $452 million at June 27, 2004. Business risks arise from Plastech's exposure to the highly competitive and cyclical automotive industry and to established, resourceful competitors. Plastech's revenues lack diversity, as they are concentrated with four major North American customers. Additional concerns stem from the narrow scope...
Companies mentioned in this report are: Plastech Engineered Products Inc.,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.
Plastech Engineered Products Inc.,Visteon Corp.
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