Sensata Technologies Ratings Affirmed; Senior Notes Assigned Ratings Jul 08
- ID: 2127412
- July 2008
- Standard & Poors
NEW YORK (Standard & Poor's) July 25, 2008--Standard & Poor's Ratings Services today assigned issue-level and recovery ratings to Sensata Technologies B.V.'s (B+/Negative/--) €141 million senior subordinated notes due 2014. We assigned a 'B-' issue-level rating, with a recovery rating of '6', indicating an expectation for negligible (0-10%) recovery in the event of a payment default. Sensata will use the proceeds of the offering to repay an outstanding bridge loan in the same amount. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating on the company. The outlook is negative. The ratings on Attleboro, Mass.-based Sensata reflect its highly leveraged financial profile, which more than offsets its satisfactory business profile. Sensata, formerly a division of Texas...
Companies mentioned in this report are:
- Sensata Technologies B.V.
Action: New Rating
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Research type: News
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