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AUTOMOTIVE: Aptiv (APTV Baa2[N]/BBB/BBB[N]): Fitch Outlook Negative

AUTOMOTIVE
USBulletCredit BulletsNorth America
  • Fitch has changed its outlook to negative following plans announced yesterday to spin off the EDS division.
  • The spin would see EBITDA leave the entity, which could trigger a downgrade on higher leverage if there was no mitigation. They have a 2x gross leverage trigger, while leverage could reach 2.5x post spin.
  • Our take was negative yesterday on similar grounds; we were surprised to see bonds holding firm https://mni.marketnews.com/4g9B9nx.
  • We were also surprised to see the 28s tighter, our read of the docs doesn’t support a positive move https://mni.marketnews.com/40JbP3d.
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  • Fitch has changed its outlook to negative following plans announced yesterday to spin off the EDS division.
  • The spin would see EBITDA leave the entity, which could trigger a downgrade on higher leverage if there was no mitigation. They have a 2x gross leverage trigger, while leverage could reach 2.5x post spin.
  • Our take was negative yesterday on similar grounds; we were surprised to see bonds holding firm https://mni.marketnews.com/4g9B9nx.
  • We were also surprised to see the 28s tighter, our read of the docs doesn’t support a positive move https://mni.marketnews.com/40JbP3d.