Moody's affirms Delphi

Moody's Investors Service said it affirmed the ratings of Delphi Corp. following the upsizing of the company's senior secured term loan A by $363 million, to $574 million from $211 million.

Ratings affirmed include: corporate family and probability of default rating at Ba1; secured term loans and revolving credit facility at Baa2; senior unsecured notes at Ba2; and speculative grade liquidity rating at SGL-2.

The outlook is stable.

The $363 million in proceeds from the upsized term loan A, along with roughly $629 million cash on hand, will be used to complete the $992 million purchase of FCI Group's Motorized Vehicles Division, which was announced earlier in the year.

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