Moody's confirms AMI Semiconductor

Moody's Investors Service said it confirmed the ratings of AMI Semiconductor Inc. to conclude a ratings review for possible downgrade under effect since June 16.

The outlook is stable.

Moody's said the confirmation follows the finalization of the financing plan for the company's proposed $135 million acquisition of the semiconductor division of Flextronics International Ltd. announced in June.

Affected ratings include the Ba3 corporate family rating, Ba3 $90 million revolving credit facility maturing 2010 and $210 million senior secured term loan B maturing 2012 at Ba3.

The current rating reflects the company's solid credit metrics including pro forma trailing 12 months ended April 2 leverage (debt/EBITDA) of 2.2 times and pro forma EBITDA interest coverage exceeding 8 times, the agency said.

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