S&P lifts Samvardhana Motherson to positive

S&P said it revised the outlook on Samvardhana Motherson Automotive Systems Group BV to positive from stable.

The agency also said it affirmed the company's BB+ long-term corporate credit rating.

S&P also affirmed the BB+ rating on Samvardhana Motherson's €100 million senior secured notes, €500 million senior secured notes and $400 million senior secured notes.

The 4 recovery rating on these instruments indicates 30% to 50% expected default recovery.

The outlook revision reflects expectations that Samvardhana Motherson's credit profile will benefit from the improving scale and lower leverage of its parent company, Motherson Sumi Systems Ltd., S&P said.

The ratings are supported by the group management's commitment to maintain financial disciple, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.