S&P puts Delphi on positive watch

S&P said it placed its BB- ratings on Delphi Technologies plc and the company’s first-lien debt on CreditWatch with positive implications.

The placement comes after Delphi entered a pact to be acquired by BorgWarner Inc.

“We now think there is potential for a higher rating on Delphi, on the basis that the merger will result in an entity that will be materially larger and more diversified than previously,” said S&P in a press release.

S&P said it expects BorgWarner to repay or assume all of Delphi’s rated debt after the transaction closes.

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