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Moody's upgrades Sensata
Moody's Investors Service said it upgraded Sensata Technologies BV's corporate family and probability of default ratings to B3 from Caa1, as well as the company's senior secured credit facility to B1 and $340 million 8% senior unsecured notes due 2014 to Caa1 (LGD5, 78%) from Caa2 (LGD5, 78%) and €137 million (originally €141 million) 11¼% senior subordinated notes due 2014 to Caa2 (LGD6, 91%) from Caa3 (LGD6, 91%).
Moody's also said it affirmed its speculative grade liquidity rating at SGL-3.
The outlook is stable.
The upgrade reflects the recent strong year-over-year improvement in the company's operating and financial performance, Moody's said.
The outlook reflects the anticipation for continued improvement in Sensata's credit metrics, the agency said, as well as an expectation that the company's covenant cushion will improve over the next 12 to 18 months.
The ratings also incorporate a belief that the company will maintain an adequate liquidity profile over the next 12 months, Moody's said.
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