Fitch gives Western Digital notes BBB-

Fitch Ratings said it gave BBB- ratings to Western Digital Corp.'s senior unsecured notes offering.

“The ratings and stable rating outlook reflect Fitch's expectation that WD will continue using substantially all FCF for debt reduction on its way to lowering total debt from $7.7 billion, pro forma for the $943 million term loan B repayment, to its long-term $6 billion target. At this level, Fitch expects total debt to operating EBITDA will range from 1x-3.5x through the cycle and average 2x-2.5x,” the agency said in a press release.

The proceeds will be used to refinance debt.

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