Fitch Ratings has affirmed the Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) of
The National Scale rating was affirmed at 'A+(bra)'. The Rating Outlook is Stable.
The affirmation of the ratings reflects the improvement of
Fitch has withdrawn the ratings for commercial purposes.
Key Rating Drivers
Key Rating Drivers do not apply as the company's ratings have been withdrawn.
Derivation Summary
Both entities face heavy competition in their main products.
From a geography standpoint
RATING SENSITIVITIES
Rating Sensitivities do not apply as the company's ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Liquidity and Debt Structure
Adequate Liquidity:
Issuer Profile
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
Following the withdrawal of international ratings for
RATING ACTIONS
Entity / Debt
Rating
Prior
senior unsecured
LT
BB-
Affirmed
BB-
senior unsecured
LT
WD
Withdrawn
BB-
LT IDR
BB-
Affirmed
BB-
LT IDR
WD
Withdrawn
BB-
LC LT IDR
BB-
Affirmed
BB-
LC LT IDR
WD
Withdrawn
BB-
Natl LT
A+(bra)
Affirmed
A+(bra)
Natl LT
WD(bra)
Withdrawn
A+(bra)
Page
of 1
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
APPLICABLE CRITERIA
National Scale Rating Criteria (pub.
Corporate Rating Criteria (pub.
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
Corporate Monitoring & Forecasting Model (COMFORT Model), v8.0.2 (1)
ADDITIONAL DISCLOSURES
Dodd-Frank Rating Information Disclosure Form
Solicitation Status
Endorsement Policy
ENDORSEMENT STATUS
Iochpe-Maxion Austria GmbH EU Endorsed,UK Endorsed
Iochpe-Maxion S.A. EU Endorsed,UK Endorsed
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