Moody's rates Serena loan B1

Moody's Investors Service said it affirmed Serena Software, Inc.'s B2 corporate family rating, B1 (LGD3, 36%) revolving credit facility due March 2012 and term loan facility due March 2013, Caa1 (LGD5, 89%) senior subordinated notes due March 2016 and SGL-2 speculative-grade liquidity rating.

Moody's assigned B1 (LGD3, 36%) ratings to the company's amended and extended tranches of senior secured credit facilities.

The outlook remains stable.

On Feb. 14, Serena announced that it is seeking an amendment of its existing credit agreement, which includes extension of maturity dates for portions of its revolving and term loan commitments by three years.

The ratings reflect Moody's view that the company's credit metrics will continue to remain supportive over the next 12-to-24 months and Serena's good free cash flows, the agency said.

The ratings also consider Serena's high financial leverage and the intensely competitive market segments in which the company primarily operates, the agency added.

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