S&P gives BB- to M/A-COM loan

Standard & Poor's said it assigned a preliminary B+ corporate credit rating to M/A-COM Technology Solutions Holdings Inc. The outlook is stable.

S&P also assigned a preliminary BB- issue level rating and preliminary 2 recovery rating to the company's proposed $100 million revolving credit facility due 2019 and proposed $350 million term loan due 2021. The preliminary 2 recovery rating indicates an expectation of substantial (70%-90%) recovery in the event of payment default.

"The ratings on M/A-COM reflect the company's 'weak' business risk profile (as defined by our criteria), incorporating the company's limited scale, short track record operating at the current revenue level, narrow focus on a subsector of the analog semiconductor industry, and end-market concentration," said S&P credit analyst James Thomas in a news release.

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