S&P assigns Tesla convertibles B-

Standard & Poor's said it assigned its unsolicited B- corporate credit rating to Tesla Motors Inc.

The outlook is stable.

The agency also assigned its unsolicited B- issue-level and 4 unsolicited recovery ratings to the company's $920 million 0.25% unsecured convertible notes due 2019, $1.38 billion 1.25% unsecured convertibles due 2021 and $660 million unsecured convertibles due 2018. The 4 recovery rating indicates an expectation for average recovery (30%-50%) for the noteholders in the event of a payment default.

S&P said the ratings are unsolicited because it does not have a rating agreement with this entity. The agency believes there is sufficient market interest in the company's obligations to initiate analytical coverage.

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