Research Update: Delphi Automotive PLC Assigned 'BB' Corporate Credit Rating; The Outlook Is Stable Nov 11
- Language: English
- Published: November 2011
Standard & Poor's Ratings Services is assigning recovery ratings to Troy, Mich.-based automotive supplier Delphi Corporation's (Delphi) new senior secured $1.2 billion revolving credit facility maturing 2016, $258 million term loan A maturing 2016, and $950 million term loan B maturing 2017. Delphi Corp. is a unit of Delphi Automotive LLP (BB/Stable/--). We are also assigning recovery ratings to Delphi's $500 million of senior unsecured notes due 2019 and $500 million of senior unsecured notes due 2021. The company used the proceeds from the term loans and the notes to purchase common stock that had been distributed to General Motors Corp. and the Pension Benefit Guaranty Corp. when Delphi emerged from bankruptcy on Oct. 6, 2009. Our simulated default scenario...
Companies mentioned in this report are:
- Delphi Automotive LLP
- Delphi Corp.
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