TI Group PLC's BBB+/A-2 Ratings Affirmed Ahead of Automotive Business Disposal; Outlook Stable Sep 00
- ID: 2026661
- September 2000
- Standard & Poors
LONDON (Standard & Poor's CreditWire) Sept. 15, 2000--Standard & Poor's today affirmed its ratings on U.K. engineering group TI Group PLC (BBB+/Stable/A-2) and related entity. The outlook on TI is stable. The affirmation follows the announcement that TI Group is considering the sale of its automotive systems division. The disposal and the allocation of related proceeds are subject to board consideration and approval. The disposal of automotive activities--which contribute about 40% of TI's annual sales--would significantly modify the relative contribution of remaining divisions to cash flows, and end-user diversification would be more limited. Nevertheless, Standard & Poor's does not expect the transaction to have a major negative impact on TI's business profile. Without the automotive division, TI would still be...
Companies mentioned in this report are: TI Group PLC
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