S&P gives TI Fluid notes B+

S&P said it assigned B+ and 5 recovery ratings to TI Fluid Systems plc’s planned €600 million in senior unsecured notes due 2029.

“The company will use net proceeds from the offering to pay down a portion of its outstanding U.S. dollar and euro term loans. As a result, we raised the issue-level on the secured debt to BB+ from BB-; the recovery rating on this debt is 1,” the agency said in a press release.

Concurrently, S&P affirmed TI’s BB- issuer rating and changed the outlook to stable from negative.

“The stable outlook reflects our view that the company’s free operating cash flow (FOCF) to debt will remain above 5% over the next 12 months,” the agency said in a press release.

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