S&P rates Global A&T notes B

Standard & Poor's said it assigned its B long-term issue rating to a proposed issue of $625 million six-year senior secured notes by Global A&T Electronics Ltd.

Global A&T intends to use the proceeds from the notes to refinance existing debt.

S&P said that in accordance with its criteria, it equalized the issue rating with the long-term corporate credit rating on Global A&T.

The agency estimates that the company's ratio of priority debt and other liabilities to total assets will be less than 13%, which is below the notching threshold of 15%.

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