Moody's may upgrade Mitel

Moody's Investors Service said it placed Mitel Networks Corp.'s B3 corporate family rating, B3-PD probability of default rating, B1 rating of Mitel and Mitel US Holdings Inc.'s revolving credit facility and the B1 and Caa1 ratings of US Holdings' first- and second-lien term loans on review for upgrade.

Mitel's SGL-2 speculative grade liquidity rating was affirmed.

The rating action follows the company's announced merger with Aastra Technologies Ltd. (unrated), a global enterprise communications provider in a transaction that is valued at C$392 million to Aastra shareholders.

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