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S&P elevates Sensata
S&P said it raised its corporate credit rating on Sensata Technologies BV to BB+ from BB.
The outlook is stable.
At the same time, S&P affirmed the BBB- issue-level rating on the company's senior secured debt. The 1 recovery rating is unchanged, reflecting an expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default.
S&P also raised its issue-level rating on the company's senior unsecured notes to BB+ from BB. The 4 recovery rating is unchanged, reflecting an expectation of average recovery (30%-50%; rounded estimate: 35%) in the event of a default.
“The upgrade reflects our view that Sensata is making good progress on integrating large acquisitions from 2014-2015 and is focused on increasing margins and reducing leverage,” S&P said in a news release.
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