International Automotive Components Group CCR Raised To #B-#, Outlook Rating Withdrawn At Issuer#s Request

Stocks and Financial Services Press Releases Friday May 11, 2018 17:13
NEW YORK--11 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 10, 2018--S&P Global Ratings today raised its corporate credit rating on global auto component supplier International Automotive Components Group S.A. (IAC) to 'B-' from 'CCC-'. The outlook is negative.

Subsequently, we withdrew our 'B-' corporate credit rating on IAC at the company's request.

We raised our corporate credit rating on IAC to reflect its reduced risk of default following the completion of a refinancing transaction. As part of the recapitalization, IAC issued $215 million of senior secured notes due April 2023 (unrated) to funds managed by Gamut Capital Management LP, a private equity firm. The company used proceeds to refinance its $300 million 9.125% senior secured notes due June 1, 2018. The rating on IAC reflects our expectation that the company's operational performance will remain steady. It also reflects reduced risk as the company's debt-to-EBITDA will improve and fall below 5x in 2018 per our estimates. The company's soft trim joint venture transaction in late 2017 provided it with a critical infusion of cash, which will allow management to implement its strategic initiatives. The negative outlook reflects our expectation that IAC's free cash flow will turn negative due to the cash restructuring costs, which will increase the company's reliance on its credit facilities.

Latest Press Release

Empowering ASEAN 4.0 the ways forward to pursue and become ready for the transformation to the digital era

The ASEAN Business Advisory Council (ASEAN BAC) was inaugurated in April 2003 at the ASEAN Secretariat in Jakarta, Indonesia. Its establishment was mandated by the ASEAN Leaders at their 7th ASEAN Summit, November 2001 in Bandar Seri Begawan, Brunei...

Fitch Rates KTB Securities# THB Subordinated Debentures #BB-(tha)#

Fitch Ratings (Thailand) has today assigned a National Long-Term Rating of 'BB-(tha)' to KTB Securities (Thailand) Public Company Limited's (KTBST; BB(tha)/Stable) upcoming issue of up to THB400 million in subordinated debentures. The debentures will...

TMB reported 2018 net profit of THB11,601 mn, 34% increase from last year. Coverage ratio was raised to 152% in preparation for IFRS 9 implementation, reflecting the Banks prudent management.

TMB reported 2018 net profit of THB11,601 mn, 34% increase from last year. Coverage ratio was raised to 152% in preparation for IFRS 9 implementation, reflecting the Bank's prudent management. Moving toward 2019, the Bank will continue to further acquire...

TBank#s New CEO committed to challenging 2019 targets against backdrop of average annual profit growth of 10% over past 4 years

Praphan Anupongongarch, formerly chief of auto hire-purchase business, now takes the helm of Thanachart Bank as new CEO. Having introduced his strong management team and adopted both Customer-Centric and Fast & Focused Policies, he aims at...

Finansia Syrus Securities to hold Finansia Investment Conference 2019 Featuring local institutional investor team to enhance its integrated services

Finansia Syrus Public Company Limited joins hands with Finansa Public Company Limited to hold flagship event "Finansia Investment Conference 2019", the first grand meeting of the local institutional investors and more than 40 leading listed companies....

Related Topics