Fitch rates Symantec loan BBB-

Fitch Ratings said it assigned a BBB-/RR1 rating to Symantec Corp.’s $1.25 billion secured term loan and $1 billion secured revolving credit facility and affirmed the BB+/RR4 rating on the existing unsecured bonds.

Proceeds will be used for refinancing $500 million of unsecured term loans at Symantec Holdings Ltd. and $750 million of unsecured bonds at Symantec Corp.

“In assigning the new rating to the secured term loan, Fitch contemplated the leverage neutral transaction and a secured leverage of approximately 1x pro forma for the divestiture of its enterprise security segment,” said Fitch in a press release.

Fitch affirmed Symantec’s BB+ rating.

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