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Moody's affirms Sensata, ups loan, notes
Moody's Investors Service said it affirmed Sensata Technologies BV's B2 corporate family rating in response to the company's issuance of €141 million ($195 million) senior subordinate term loan and use of cash on hand to acquire Airpax Holdings, Inc. for $276 million, including fees and expenses.
At the same time, Moody's said it upgraded Sensata's senior secured credit facility to Ba3 and its $450 million unsecured notes to B3, adding that the rating of the subordinate notes remains at Caa1.
The outlook is negative.
Moody's said that Sensata's B2 corporate family rating reflects its strong competitive position, long-standing customer relationships, significant barriers to competitive entry and stable free cash flow generation.
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