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Moody's confirms Seagate Technology
Moody's Investors Service said it confirmed the ratings of Seagate Technology HDD Holdings and upgraded the ratings of Maxtor Corp., now a wholly owned subsidiary of Seagate Technology US Holdings, following the completion of its acquisition and subsequent guaranteeing of Maxtor's debt by Seagate.
The outlook is stable.
The following ratings were confirmed: Seagate's Ba1 corporate family rating and SGL-1 speculative grade liquidity rating.
The following ratings have been upgraded: Seagate's $400 million 8% senior notes due 2009 to Ba1, Maxtor's remaining $135 million of the $230 million 6.8% convertible senior notes due 2010 to Ba1 from B2 and Maxtor's $60 million 5.75% convertible subordinated debentures due 2012 to Ba2 from Caa1.
The ratings reflect Seagate's dominant position in the disk-drive industry and incorporate the sector's capital intensity, volatility and the highly commoditized nature of the disk drive business, Moody's said.
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