TEXT-Visteon ratings unaffected by CEO, board change
Aug 13 - Standard & Poor's Ratings Services said today that Visteon Corp.'s (B+/Stable/--) announcement that the company's chairman and CEO stepped down and that two directors have been added to the board has no immediate effect on the rating. Two major strategic initiatives--the purchase of the remaining 30% of Halla Climate Control Corp. (not rated) and the divestiture of the interiors business to a partner--have been unsuccessful so far. Stemming from the announcement today, we assume Visteon will now bring an enhanced focus to its existing strategies, including those initiatives. Still, we do not rule out the potential for shifts in strategy--perhaps because of external factors. For more information on our views as to a possible Halla purchase, please see the research update on Visteon dated July 6, 2012, on RatingsDirect.
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