S&P rates Itron BB, notes BB-

S&P said it assigned a BB corporate credit rating to Itron Inc. and assigned a BB- issue-level rating to its proposed $300 million senior unsecured notes due 2025.

The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 10%) recovery for lenders in the event of a payment default.

The outlook is stable.

“Our rating reflects the company's good market position in the fragmented global metering industry, its expanded product and technology offerings and its good geographic diversity, which are offset by its narrow focus on metering products and solutions and its relatively weak profit margins compared with those at its rated peers,” the agency said in a news release.

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