S&P cuts Sensata outlook to negative

Standard & Poor's said it revised its outlook on Sensata Technologies BV to negative from stable.

The outlook revision follows the company's announcement that it will acquire Airpax Holdings Inc. for $276 million plus fees and expenses using a combination of cash and debt, the agency said.

All of S&P's ratings on Sensata, including its B+ corporate credit rating, have been affirmed.

The acquisition delays the financial deleveraging that S&P said it expects for the ratings.

The ratings on Sensata continue to reflect its highly leveraged financial profile, which more than offsets its satisfactory business profile, the agency noted.

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