S&P rates TTM convertibles BB-

Standard & Poor's said it assigned its BB- rating on TTM Technologies Inc.'s $155 million of senior unsecured convertible notes due 2015.

The recovery rating on the notes is 4, the agency said.

At the same time, S&P said that it affirmed the BB- corporate credit rating on the company.

The outlook is positive.

According to the agency, TTM will use proceeds from the notes to fully repay its term loan and for general corporate purposes and the rating reflects challenges associated with difficult industry conditions in the electronic manufacturing service sector and a relatively short operating track record following the Tyco acquisition.

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