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S&P rates Sensata loan BBB, notes BB+
Standard & Poor’s said it revised the outlook to stable from negative on Sensata Technologies BV.
The BB+ corporate credit rating also was affirmed.
S&P also said it assigned a BBB rating and 1 recovery rating to the new $600 million senior secured term loan and assigned a BB+ rating and 4 recovery rating to the $400 million in senior unsecured notes.
The 1 recovery rating indicates 90% to 100% expected default rating and the 4 rating indicates 30% to 50% expected default recovery.
The outlook revision reflects a view that the company’s debt leverage and ratio of free operating cash flow to debt will remain in line with expectations over the next year, S&P said.
In August 2014, Sensata announced that it entered into an agreement to acquire the Schrader Group for $1 billion. Sensata is likely to benefit from its significant market share, the agency said.
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