OREANDA-NEWS. Fitch Ratings has assigned a rating of 'BBB' to Delphi Automotive PLC's (DLPH) proposed issuance of EUR500 million in senior unsecured notes. The Issuer Default Rating (IDR) for DLPH is 'BBB', with a Stable Outlook.

The proposed notes will be fully guaranteed on a senior unsecured basis by the same subsidiaries that guarantee the senior unsecured notes and unsecured credit facility of DLPH's Delphi Corporation (Delphi) subsidiary, removing any structural subordination concerns. Proceeds from the proposed notes will be used fund a portion of the redemption of Delphi's $800 million in 5% senior unsecured notes due 2023.