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Fitch ups Micro Focus, pulls ratings
Fitch Ratings said it upgraded Micro Focus International plc's and its subsidiaries' MA FinanceCo, LLC’s and Seattle SpinCo, Inc.’s long-term issuer default ratings to BB+ from BB- and removed them from rating watch positive. The outlook is negative. Fitch then withdrew the ratings.
The agency withdrew the senior secured instrument ratings at MA FinanceCo and Seattle SpinCo.
“The rating actions follow the completion of Open Text Corp.'s (Open Text, BB+/negative) acquisition of Micro Focus on Jan. 31, 2023. The IDRs for Micro Focus and its subsidiaries are now aligned with its parent, Open Text, based on Fitch's parent and subsidiary linkage criteria (PSL). OpenText has repaid all existing debt at Micro Focus,” the agency said in a statement.
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