Sensata Technologies Ratings Lowered; Outlook Negative Feb 09
- ID: 2127724
- February 2009
- Standard & Poors
NEW YORK (Standard & Poor's) Feb. 17, 2009--Standard & Poor's Ratings Services today lowered its ratings on Sensata Technologies B.V., including the corporate credit rating to 'CCC+' from 'B'. The company had total balance sheet debt of about $2.5 billion at Dec. 31, 2008. The outlook is negative. "The downgrade reflects worse-than-expected operating results and weak prospects in key end markets that have increased the risk of a covenant violation in the near term," said Standard & Poor's credit analyst Dan Picciotto. Sensata recently announced that fourth-quarter revenues declined 28% and reported adjusted EBITDA fell 38%. If the company violates its covenants, it may be difficult for it to obtain relief given its highly leveraged financial profile and the state...
Companies mentioned in this report are:
- Sensata Technologies B.V.
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.