- Language: English
- Published: January 2012
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.
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