Affinia Group Intermediate Holdings Inc. Dec 11
Standard & Poors, December 2011
Abstract
Recognized brand names in filters and brake products; Good scale and fair geographic diversity; and Recession-resistant market. Highly leveraged capital structure; Competitive, price-sensitive industry; Volatile costs for raw materials and components; and Weak free operating cash flow generation. The ratings on Ann Arbor, Mich.-based Affinia Group Intermediate Holdings Inc. reflect the company's highly leveraged financial risk profile and participation in the competitive auto aftermarket components industry, which contributes to what Standard & Poor's Ratings Services considers a "weak" business risk profile, according to our criteria. These factors more than offset Affinia's fair geographic diversity, solid market positions, and profitability. Private-equity firm The Cypress Group LLC controls the company. Nearly all of Affinia's revenues (98%) come from the sale of replacement...
Companies mentioned in this report are: Affinia Group Intermediate Holdings Inc.,Affinia Group Inc.
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.
Research Type: Full Analysis
Affinia Group Intermediate Holdings Inc.,Affinia Group Inc.
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