Summary: Affinia Group Intermediate Holdings Inc. Dec 11

Standard & Poors, December 2011

Abstract
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 products and services in the light-vehicle and commercial-vehicle aftermarkets, so the company is not exposed to the volatile production schedules of the major automakers. Also, Affinia's main products are filters (38% of 2010 sales) and brake components (32%),...

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.

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.

Affinia Group Intermediate Holdings Inc.,Affinia Group Inc.

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