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Fitch rates Sanluis notes B
Fitch Ratings said it assigned Sanluis Rassini Autopartes, SA de CV local- and foreign-currency issuer default ratings of B-.
Fitch also assigned a B rating to the company's proposed $275 million notes due 2017.
The outlook is stable.
According to the agency, the company benefits from cost advantages, hard-currency generation and its position as leading producer of leaf springs suspension components.
The ratings also consider the company's high consolidated financial leverage on a pro forma basis, industry cyclicality, ongoing cost pressures and the parent company Sanluis Corporacion, SAB de CV's history of financial default, Fitch said.
On a pro forma basis, the company's debt-to-EBITDA ratio is expected to be about 3.6 times in 2007.
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