Moody’s gives Delphi Automotive notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Delphi Automotive plc’s new €500 million of senior unsecured notes.

Delphi Automotive is the ultimate parent company of U.S. based-Delphi Corp.

In a related action, the agency affirmed the ratings of Delphi’s existing bank credit facilities and senior unsecured notes at Baa3 and changed the outlook to positive from stable.

Net proceeds are expected to be used to redeem Delphi’s $500 million of 6.125% senior unsecured notes due May 2021, to pay related premiums, fees and expenses and for general corporate purposes.

Delphi Automotive's new €500 million of senior unsecured notes will share the same guarantees as Delphi’s existing senior unsecured notes and in addition will have a guarantee from Delphi Corporation. As a result, Moody's deems the new debt at Delphi Automotive to be pari passu with Delphi’s existing senior unsecured notes and credit facility.

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