S&P gives Qorvo notes BB+

S&P said it assigned its BB+ issue-level rating to Qorvo, Inc.'s new $300 million eight-year senior notes.

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

The corporate credit rating on Qorvo remains BB+ with a stable outlook.

The agency said the new senior notes are pari passu to all existing unsecured debt.

“Our ratings on Qorvo reflect the firm's high customer concentration and significant exposure to the wireless handset marketplace,” S&P said in a news release.

“These factors are offset by Qorvo's low financial leverage and significant secular growth trends from increasing wireless data consumption.”

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