S&P gives BB to Cirrus Logic revolver

Standard & Poor’s said it assigned a BB issue-level rating to Cirrus Logic Inc.’s $250 million revolving credit facility due 2017. The 1 recovery rating indicates an expectation for very high recovery (90% to 100%) in the event of payment default.

The existing B+ corporate credit rating and the debt ratings on Cirrus Logic Inc. were affirmed. The outlook is stable.

“The rating reflects our view of Cirrus’ ‘vulnerable’ business risk profile, reflecting its high customer concentration and narrow product focus, despite strong recent performance, as well as the successful acquisition of Wolfson Microelectronics during the previous fiscal year,” said S&P credit analyst Minesh Shilotri in a news release.

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