S&P gives BB+ to Phinia notes

S&P said it assigned BB+ issue-level and 3 recovery ratings to Phinia Inc. upcoming sale of $425 million senior secured notes due 2029. The 3 recovery rating indicates average (50%-70%; rounded estimate: 60%) recovery in default.

Phinia’s other ratings are unchanged, the agency said.

The company will use the proceeds to refinance its $425 million term loan, also rated BB+ with a 3 recovery rating, due 2028.

The outlook is stable.

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