Summary: Allison Transmission Inc. Dec 11

Standard & Poors, December 2011

Abstract
The ratings on Indianapolis-based global commercial-vehicle component supplier Allison Transmission Inc. reflect Standard & Poor's Ratings Services' view that its adjusted leverage is likely to be sustained at about 5x or less, despite a somewhat sluggish recovery anticipated in its end-markets in 2012. Our expectation incorporates our view of Allison's positive cash flow generation prospects and our revised assessment of its financial risk profile as "aggressive" (as per our criteria), compared with our previous "highly leveraged" assessment. The upgrade also reflects our continued assessment of the company's business risk profile as "fair" (also as defined in our criteria), reflecting good profitability prospects (adjusted EBITDA margins of about 31%) and a strong market share (which we expect to continue over the...

Companies mentioned in this report are: Allison Transmission Inc.
Action: Upgraded

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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.

Allison Transmission Inc.

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