S&P rates Delphi Automotive notes BBB

Standard & Poor’s said it assigned its BBB issue-level rating to Jersey-incorporated Delphi Automotive plc’s proposed $1.3 billion issuance of senior unsecured notes, $650 million of which will mature in 2020 while the remainder will mature in 2026.

The company will use the proceeds from this new issuance to help fund its acquisition of HellermannTyton and for general corporate purposes.

“Our ratings on Delphi reflect the company’s lack of large near-term debt maturities as well as our assumption that Delphi’s credit metrics and free cash flow are sustainable. Our ratings on the company also take into account Delphi’s product diversity, low cost base, and the company’s ability to sustain its recent profitability,” S&P said in a news release.

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