S&P revises TTM Technologies view to stable

S&P said it changed the outlook for TTM Technologies Inc. to stable from negative and affirmed TTM’s BB issuer rating as well as the BB+ issue-level rating with a 2 recovery rating on the first-lien debt, the BB- issue-level rating on the senior notes with a 5 recovery rating and the B+ with a 6 recovery rating, on the subordinated senior unsecured notes.

“The outlook revision is driven by a significant improvement in S&P Global Ratings-adjusted net leverage following the $400 million debt prepayment on the company's term loan. We expect leverage to fall to under the 2x area at year-end 2020, well below our 3x downside trigger, and the company to generate free cash flow of about $100 million over the next 12 months,” S&P said in a press release.

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