S&P upgrades Sensata

Standard & Poor's said it raised the corporate credit rating on Sensata Technologies BV to CCC+ from SD and its subordinated debt issues to CCC- from D with recovery rating at 6.

The agency affirmed the B rating Sensata's senior secured debt and removed the rating from CreditWatch, where it was placed with negative implications on March 3. The recovery rating on these securities remains at 1.

The outlook is negative.

"The upgrade of Sensata follows the conclusion of our review of the company's new capital structure following the settlement of its below-par debt tender offer, which we viewed as being tantamount to default," S&P analyst Dan Picciotto said in a statement.

Ratings reflect the company's highly leveraged financial profile and weak business risk profile, the agency noted.

The company's good geographic diversification and solid operating margins are more than offset by its high debt level, the agency said.

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