Moody's alters Western Digital view to stable

Moody's Investors Service said it affirmed Western Digital Corp.’s ratings, including its Baa3 senior unsecured rating and the Baa2 rating for its senior secured credit facilities, and changed the outlook to stable from negative.

“The rating action reflects governance considerations, specifically Moody's expectation that WDC will continue to prioritize debt reduction consistent with its financial policy goals and maintain very good liquidity,” the agency said in a press release.

Moody’s said it expects WDC to maintain total debt to EBITDA (Moody's adjusted) in the low to mid 2x range and produce free cash flow of more than 10% of total debt over the next 12 to 18 months.

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