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S&P upgrades Sensata Technologies
Standard & Poor's said it raised its corporate credit rating on Sensata Technologies BV to B- from CCC+, along with the senior secured debt to B+ from B. The recovery rating on this debt is 1, indicating an expectation of 90% to 100% recovery in a default scenario. The agency also said it upgraded the company's senior notes and senior subordinated debt to CCC from CCC- with a recovery rating of 6, indicating an expectation of 0% to 10% recovery in a default scenario.
The outlook is positive.
The upgrades reflect good fourth-quarter results and a belief that business trends remain favorable, which should allow for sustained improvement in credit measures, S&P said.
The risk of a covenant violation in the near term has declined due to the improved operating performance, the agency said.
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