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Fitch rates BorgWarner notes BBB
Fitch Ratings said it expects to assign a BBB rating to BorgWarner Inc.'s $250 million issuance of senior unsecured notes due 2020. The company has an issuer default rating of BBB, senior unsecured notes rating of BBB and senior unsecured convertible notes rating of BBB
The outlook is stable.
The company is issuing new debt for general corporate purposes, Fitch said.
Key ratings factors include the company's history of healthy EBITDA margins, solid cash generation, low leverage and a healthy liquidity position, Fitch said.
Concerns are focused on the company's exposure to Europe, BorgWarner's largest market, the agency said.
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