NEW YORK (Standard & Poor's) March 1, 2004--Standard & Poor's Ratings Services said today that it assigned its 'BB+' senior unsecured rating to Visteon Corp.'s proposed $400 million senior unsecured notes due 2014. At the same time, Standard & Poor's affirmed its 'BB+' corporate credit rating on the Dearborn, Mich.-based company, which has total debt of about $2 billion, including securitized accounts receivable and capitalized operating leases. Proceeds from the new debt issue will be used to refinance existing debt and for general corporate purposes. The rating outlook is stable. The proposed debt offering will reduce near-term debt maturities, which currently total $350 million during 2004 and $538 million during 2005. "We expect Visteon to make gradual improvements to its...
Companies mentioned in this report are: Visteon Corp.
Action: New Rating
Action: Outlook: Stable
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Research type: News
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