August 13, 2012 / 7:30 PM / 5 years ago

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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