Sensata Technologies B.V. Mar 11
Standard & Poors, March 2011
Abstract
Leading market positions and high operating margins; and Good product and end-market diversity. Aggressive financial risk profile; Participation in cyclical end markets; and Technology-related risks over the longer term. The ratings on Sensata Technologies B.V. reflect the company's aggressive financial risk profile and its satisfactory business risk profile. In 2011, we expect Sensata's adjusted operating margin (before depreciation and amortization) to remain very good at around 30%, and for revenue growth to exceed 10% (benefitting from the recently announced acquisition of the Honeywell Automotive On Board business). We believe credit measures may exceed our expectations for the current rating, including funds from operations (FFO) to debt of 15%-20%, but continued majority ownership by Bain Capital remains a risk, since it...
Companies mentioned in this report are: Sensata Technologies B.V.
Action: Review
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Research Type: Full Analysis
Sensata Technologies B.V.
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