UPDATE: S&P Upgrades TTM Technologies (TTM) to 'BB-'; Outlook is Stable

(Updated - August 10, 2016 12:23 PM EDT)

S&P Global Ratings raised its corporate credit rating on TTM Technologies Inc. (NYSE: TTM) to 'BB-' from 'B+'. The outlook is stable.

At the same time, we raised our 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 our expectation for meaningful (50% to 70%, in the upper half of the range) recovery in the event of payment default.

In addition, we raised our 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 our 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," said S&P Global Ratings credit analyst Geoffrey Wilson.

The stable outlook reflects our view of the company's market position among leading printed circuit board makers and our anticipation that its diverse end markets will result in stable operating performance over the next 12 months.

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