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Moody's lowers Sensata
Moody's Investors Service said it lowered the probability-of-default rating of Sensata Technologies BV to Caa3 from Caa2. The Caa2 corporate family and SGL-3 speculative grade liquidity ratings were affirmed.
The agency also affirmed the company's senior secured credit facility at B3 (LGD2, 29%), $450 million senior unsecured notes due 2014 at Caa3 (LGD5, 75%), €141 million senior subordinate notes due 2014 at Ca (LGD6, 91%) and €245 million senior subordinate notes due 2016 at Ca (LGD6, 91%)/
The outlook remains negative.
The downgrade reflects Sensata's substantially below-par two separate Dutch auction cash tender offers for its 8% senior notes due 2014 for $40 million, and for its 9% senior subordinated notes due 2016 and 11¼% senior subordinated notes for $10 million. The agency said it considers them a distressed exchange.
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