Sensata Technologies Ratings Lowered; Outlook Negative Feb 09

  • ID: 2127724
  • February 2009
  • Standard & Poors


  • Sensata Technologies B.V.
  • MORE

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.

Action: Downgraded

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Research type: News
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- Sensata Technologies B.V.

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