22.11.2012 04:28
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Global A&T Electronics Ltd. -- Moody's: No rating impact on Global A&T from delay in bond issue

Hong Kong, November 22, 2012 -- Moody's Investors Service says that the B1 corporate family rating and stable outlook of Global A&T Electronics Ltd (GATE) are unaffected by the delay in launch of its USD625 million first lien senior secured notes due 2018.

The bond launch was postponed earlier this week due to market conditions. However, Moody's understands that the company remains keen to launch the senior notes when market conditions improve.

On 7 November 2012, Moody's assigned a provisional (P)B1 rating to GATE's proposed notes.

The company planned to use the proceeds from the proposed notes -- together with the cash and a drawdown from a new USD125 million first lien first-out secured revolving credit facility (unrated) -- to repay the entire amount outstanding under an existing senior secured term-loan facility of USD589.6 million and senior secured revolving credit facility of USD146.5 million, both of which are rated Ba3.

"GATE is currently not in need of funds to support its operations. However, if it decides to shelve the plan to issue notes, refinancing risks will arise in late 2013 as the existing term loan matures in October 2014," says Annalisa DiChiara, a Moody's Vice President and Senior Analyst.

The company had cash on hand of USD273 million as of 30 September 2012 which is sufficient to fund operations, including servicing debt, and repay the outstanding amounts under the existing revolver in 2013, if required. As such, GATE's liquidity profile in the next 12 months will remain adequate.

Moody's will continue to monitor the progress of the proposed bond issuance. Should the proposed transaction be aborted entirely, Moody's will monitor the company's liquidity position and evaluate any additional plans to address the pending bank facility maturities in 2013 and 2014.

The principal methodology used in rating GATE was the Global Semiconductor Industry Methodology published in November 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Global A&T Electronics Ltd (GATE) is the holding company of United Test and Assembly Center Ltd (UTAC), a provider of semiconductor assembly and test services with manufacturing facilities in Singapore, Taiwan, Thailand and China. UTAC was privatized through a leverage buy-out by a private equity group led by TPG Capital and Affinity Equity Partners in October 2007.

Annalisa Di Chiara Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Philipp L. Lotter MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

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This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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