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Moody's rates Qorvo notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to Qorvo, Inc.'s incremental 5½% senior unsecured notes due 2026.
Qorvo's Ba1 corporate family rating is unchanged, along with the Ba1 rating on its existing senior unsecured notes, SGL-2 speculative grade liquidity rating and stable outlook.
The proceeds of the new issue will be used for general corporate purposes, which may include share repurchase, acquisitions and repayment of debt, Moody's said.
The agency said it expects the company's debt-to-EBITDA ratio to increase to no more than 1.2x from 0.9x.
The ratings reflect Qorvo's modest leverage, strong niche position in the smartphone radio frequency filter market and its portfolio of infrastructure and defense products, Moody's said.
The ratings also consider its modest leverage and good liquidity, the agency said.
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