Moody's gives Seagate HDD notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Seagate HDD Cayman's $1 billion senior unsecured note offering.

The net proceeds from the offering will be used for general corporate purposes, including prefunding the partial redemption of the company's senior unsecured notes.

Moody's also affirmed Seagate Technology HDD Holdings' Ba1 corporate family rating and Ba1-PD probability of default rating.

Seagate's speculative grade liquidity rating was also affirmed at SGL-1, indicating very good liquidity.

The outlook is stable.

Moody' said it expects Seagate to generate solid profit and free cash flow over the next couple of years and deliver strong credit metrics compared to other companies also rated at the Ba1 level.

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