S&P gives Sensata notes BB+

S&P said it gave Sensata Technologies BV’s planned offering of $500 million of unsecured notes BB+ with 4 (rounded estimate: 35%) recovery ratings.

The company outperformed S&P’s forecast, which led the agency to affirm its ratings and change the outlook to stable from negative.

“The stable outlook reflects our expectation that Sensata will continue to expand at a faster pace than its end markets and maintain EBITDA margins in the mid-to high-20% range over the next 12-24 months,” the agency said in a press release.

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