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S&P rates Microsemi loan BB
Standard & Poor's said it assigned its BB issue-level rating to Microsemi Corp.'s $800 million first-lien senior secured credit facility. S&P said it also assigned a 2 recovery rating to the debt, indicating an expectation for substantial recovery of principal in the event of a payment default.
In addition, the agency said it lowered the BB+ senior secured rating on the existing revolving credit facility to BB. At the same time, S&P said it withdrew all ratings on the refinanced facilities.
The BB- corporate credit rating on the company is unchanged. The outlook is stable.
"We expect the acquisition of Zarlink to strengthen Microsemi's good niche position as a provider of analog- and mixed-signal semiconductor components," said S&P credit analyst Joseph Spence, "and to result in continued modest revenue and profitability growth, reflecting its new medical device and communications semiconductor portfolio."
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