Moody’s rates Sensata notes Ba3, loan Baa3

Moody's Investors Service said it assigned a Ba3 rating to Sensata Technologies BV's proposed new $700 million senior unsecured notes.

The agency also assigned a Baa3 rating to Sensata's upsized $350 million (previously $250 million) senior secured revolver due 2021.

The Ba2 corporate family rating and all other instrument ratings remain unchanged.

The outlook remains stable.

Proceeds from the issuance will be used primarily to refinance the existing senior unsecured notes due May 2019, for working capital needs and other general corporate purposes.

Moody’s said the transaction is modestly credit positive because it extends the maturity profile and reduces annual cash interest expense.

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