S&P affirms Lattice, loan at B

S&P said it affirmed its B corporate credit rating on Lattice Semiconductor Corp. and removed the rating from CreditWatch, where it had been placed with developing implications on Nov. 7, 2016.

The outlook is stable.

At the same time, the agency affirmed the B issue-level rating on the company's $350 million senior secured term loan. The 3 recovery rating indicates expectations for meaningful (50% to 70%; rounded estimate of 60%) recovery of principal in the event of default.

"The stable outlook reflects our projection that leverage will be sustained around the mid-4x area and that the company will generate about $20 million in free cash flow over the next 12 months," S&P credit analyst Minesh Shilotri said in a news release.

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