S&P: Sensata on positive watch

Standard & Poor's said it placed the ratings on Sensata Technologies BV on Creditwatch with positive implications, including the B- corporate credit rating.

"The Creditwatch placement follows the company's announcement that it plans to use a portion of the proceeds from a planned IPO of its ultimate parent, Sensata Technologies Holding NV (unrated), to purchase unsecured and subordinated debt," said S&P credit analyst Dan Picciotto.

On completion, the agency said it expects total adjusted debt to EBITDA to be to less than 6.5x.

"In addition, the agency said it believes business trends remain favorable, which should allow for further improvement in credit measures," he continued.

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