Moody’s rates Seagate notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Seagate HDD Cayman's new senior unsecured note placement.

The outlook is stable.

Net proceeds will be used for general corporate purposes, which may include, but are not limited to, replenishing cash associated with the redemption of the outstanding 6 7/8% senior notes due 2020, capital expenditures and other investments in the business.

Moody’s said the Baa3 senior unsecured rating reflects its views that Seagate will continue to protect its solid position in the hard disk drive (HDD) industry, grow its revenue and profitability amid the storage technology evolution and maintain conservative financial policies with a disciplined debt capital profile that supports an investment-grade rating.

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