Research Update: Sensata Technologies Ratings Lowered On Distressed Debt Exchange Mar 09
- ID: 2127902
- March 2009
- Standard & Poors
On March 3, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Sensata Technologies B.V. to 'CC' from 'CCC+'. The outlook is negative. At the same time, we lowered the ratings on the company's various affected debt issues (see list below). In addition, we placed the 'B' rating on the company's senior secured debt on CreditWatch with negative implications, reflecting the potential for a downgrade if the eventual corporate credit rating is below 'CCC+'. The rating action follows the company's announcement of two cash tender offers for three series of notes through a modified Dutch auction at a discount from par. The offer allows the company to spend up to $50 million to purchase notes at...
Companies mentioned in this report are:
- Sensata Technologies B.V.
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Product Type: Research Update
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