Fitch rates Aptiv notes BBB

Fitch Ratings said it assigned a BBB rating to Aptiv plc’s planned issuance of senior unsecured notes due 2051.

Aptiv's long-term issuer default rating is BBB and its outlook is stable. “Fitch expects leverage will rise slightly with the proposed notes issuance, but the company's long-term credit metrics will remain in-line with its ratings,” the agency said in a press release.

Aptiv will use the proceeds to redeem the $700 million of 4.15% senior unsecured notes due 2024 issued by Aptiv's Aptiv Corp. subsidiary and Aptiv's $650 million of 4.25% senior unsecured notes due 2026, along with associated fees and expenses. Any remaining proceeds will be used for general corporate purposes.

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