Moody’s gives Harman Finance notes Baa3

Moody's Investors Service said it rated the new euro-denominated senior notes of Harman Finance International SCA (Luxembourg) at Baa3.

The outlook is stable.

Harman International Industries, Inc. guarantees the notes. Its Baa3 senior unsecured rating and stable outlook are unchanged.

Proceeds are being used to refinance borrowings under Harman's $1.2 billion multi-currency revolver used to fund the recent acquisitions of Redbend Software Inc. and S1nn GmbH. and to pre-fund the pending acquisition of Bang and Olufsen S/A's car audio business.

Moody’s said the Baa3 senior unsecured rating reflects Harman's leading market position in its primary segment (Infotainment), strong market position and brands across its operating segments, and strong and consistent free cash flow and liquidity.

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