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Visteon Corp.'s Proposed $400 Million Senior Unsecured Notes Rated 'BB+'; Ratings Affirmed Mar 04
Standard & Poors, March 2004
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
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.