S&P puts Harman International on positive watch

S&P said it placed its BBB- corporate credit rating on Harman International Industries Inc. on CreditWatch with positive implications.

At the same time, S&P placed the issue-level ratings on the company's $1.2 billion revolving credit facility, $400 million senior unsecured notes due 2025 and €350 million senior notes due 2022 on CreditWatch with positive implications.

“Connecticut-based auto supplier Harman International announced that it has entered into a definitive agreement to be acquired by Samsung Electronics for a total equity value of $8 billion,” said S&P credit analyst Lawrence Orlowski in a news release.

Because S&P’s current corporate credit rating on Samsung is A+, compared with the BBB- rating on Harman, S&P expects that the combined entity's overall creditworthiness will be stronger than Harman's currently.

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