Moody’s lowers IAC PDR to Caa3-PD

Moody's Investors Service said it downgraded International Automotive Components Group, SA's probability of default rating to Caa3-PD from Caa1-PD and affirmed its Caa1 corporate family rating and the Caa3 rating on its senior secured notes due June 1, 2018.

The outlook remains negative.

Moody’s said the downgrade of the probability of default rating was based on the increased uncertainty around the company's ability to refinance its $300 million senior secured notes due June 1, 2018.

“The company has not been able to address the maturity to date despite favorable credit market conditions and while the auto industry new vehicles' production, though expected to slightly decline in 2018, is still at healthy levels. IACG is currently in the market to refinance its $300 million senior secured notes due June 1, 2018,” Moody’s explained in a news release.

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