Fitch assigns Aptiv notes BBB

Fitch Ratings said it assigned a BBB rating to the planned senior unsecured notes to be jointly issued by Aptiv plc and its subsidiary Aptiv Corp. The notes will be sold in three tranches and will be due in 2025, 2032 and 2052. Aptiv Global Financing Ltd., an indirect subsidiary of Aptiv, will guarantee the notes.

Fitch rates both issuers BBB with a stable outlook.

Aptiv will use the proceeds to fund a portion of its planned acquisition of Wind River Systems, Inc.

“If the Wind River acquisition is not consummated by July 10, 2023, or if it is abandoned, Aptiv will be required to redeem the 2032 and 2052 notes, but it will use proceeds from the 2025 notes for general corporate purposes,” Fitch said in a press release.

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