S&P gives Sensata notes BB+

S&P said it assigned its BB+ issue-level rating and 4 recovery rating on Sensata Technologies BV’s proposed issue of senior unsecured notes due 2030.

The 4 recovery rating on the company’s senior unsecured notes indicates S&P’s estimate that creditors would get an average (30%-50%; rounded estimate: 45%) recovery of principal in the event of a payment default.

Proceeds will be used to reduce and refinance its existing term loan. S&P sees the transaction as leverage-neutral.

The agency affirmed the BBB- issue-level rating on the company's first-lien term loan, for which the 1 recovery rating is unchanged. A recovery rating of 1 indicates an expectation of very high (90%-100%) recovery in the event of default.

The BB+ issuer credit rating on Sensata Technologies is unchanged.

The outlook is stable.

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