TEXT-S&P revises International Automotive Components to neg

Newswire

(The following statement was released by the rating agency) -- Global auto component supplier International Automotive Components Group S.A.'s (IAC's) exposure to rising resin prices coupled with elevated capital spending has pressured cash flow generation so far in 2011. -- We are affirming all of our ratings on IAC, including our 'B+' corporate credit rating and 'B' issue ratings (with a '5' recovery rating) on its $300 million senior secured notes and revising the outlook to negative ...

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