Fitch assigns Delphi notes BBB-

Fitch Ratings said it assigned a rating of BBB- to Delphi Corp.'s proposed $500 million in senior unsecured notes due 2024.

The issuer default ratings for Delphi and its ultimate parent, Delphi Automotive plc (DLPH) are BBB-.

The outlooks are positive.

The proposed notes will be guaranteed on a senior unsecured basis by DLPH and certain other parent companies of Delphi.

Delphi intends to use proceeds from the new notes to repay in full its $500 million in 5 7/8% senior unsecured notes due 2019 and for other general corporate purposes. In addition to shifting a significant maturity five years further into the future, Fitch said it expects the refinancing of the 2019 will reduce the company's interest expense, as the proposed notes are likely to carry a lower coupon.

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