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Recovery Report: Sensata Technologies B.V.'s Recovery Rating Profile May 11
Standard & Poors, May 2011
We assigned issue-level and recovery ratings to Sensata Technologies B.V.'s (Sensata) proposed $1.45 billion senior secured credit facility and proposed $600 million senior unsecured notes. Proceeds from the offerings are to be used to refinance the company's capital structure including its existing credit facility, 8% senior notes due 2014, and 9% senior subordinated notes due 2016. Our simulated default scenario contemplates a payment default in 2016 resulting from lower end-market demand following a severe cyclical downturn, which negatively affects sales and profitability along with maturity of the revolving credit facility. Given the company's good market positions, we believe lenders would achieve the greatest recovery amounts through reorganization of the company rather than liquidation. Sensata is a Netherlands-based company involved in...
Companies mentioned in this report are: Sensata Technologies B.V.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Sensata Technologies B.V.