S&P gives Qorvo loan BB+

S&P said it assigned a BB+ issue-level rating to Qorvo Inc.'s $400 million delayed-draw term loan.

The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of payment default.

The corporate credit rating remains BB+ and the outlook is stable.

“Our ratings on Qorvo reflect the firm's high customer concentration and significant exposure to the wireless handset marketplace, offset by low financial leverage and significant secular growth trends from increasing wireless data consumption,” the agency said in a news release.

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