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S&P ups TTM Technologies, loan, convertibles
S&P said it raised its corporate credit rating on TTM Technologies Inc. to BB- from B+.
The outlook is stable.
At the same time, the agency upgraded its issue-level rating on the company's $950 million first-lien term loan due 2021 to BB- from B+. The 3 recovery rating is unchanged and reflects an expectation for meaningful (50% to 70%, in the upper half of the range) recovery in the event of payment default.
In addition, S&P raised its issue-level rating on the company's $250 million unsecured convertible notes due 2020 to B from B-. The 6 recovery rating is unchanged and reflects an expectation for negligible recovery (0% to 10%) in the event of payment default.
"The rating action reflects our view of TTM's improved leverage through EBITDA growth and additional debt repayment of $30 million in the second quarter of 2016," S&P credit analyst Geoffrey Wilson said in a news release.
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