S&P rates Vishay notes BB

Standard & Poor's said it assigned a BB rating to Vishay Intertechnology Inc.'s $275 million senior unsecured convertible debentures due 2040. The rating is the same as its corporate credit rating on the company. The recovery rating is 4, indicating 30% to 50% recovery in a default.

The rating has sufficient capacity to accommodate the new debt without affecting the corporate credit rating and stable outlook, S&P said.

The ratings reflect its competitive and fragmented markets, volatile operating trends through a business cycle and expectations for a somewhat leveraged capital structure over time, the agency said.

Selected leading market positions among its product portfolio, a diverse customer base and low technology risks partially mitigate these factors, S&P said.

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