S&P rates Samvardhana notes BB+

Standard & Poor's said it affirmed its BB+ long-term corporate credit rating on Samvardhana Motherson Automotive Systems Group BV.

The outlook is stable.

At the same time, the agency assigned its BB+ issue rating to Samvardhana’s €100 million senior secured notes. The 4 recovery rating indicates an expectation of average recovery in the event of a payment default, in the lower half of the 30%-50% range.

S&P also affirmed its BB+ issue rating on the company’s existing €500 million senior secured notes. The 4 recovery rating remains unchanged, indicating an expectations of an average recovery, in the lower half of the 30%-50% range, in the event of a payment default.

S&P said the rating reflects its bb assessment of Samvardhana’s standalone credit profile and one notch of uplift to reflect the bb+ group credit profile for the company’s parent, Motherson Sumi Systems Ltd.

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