Microsemi Corporation -- Moody's affirms Microsemi ratings: CFR at Ba2
New York, February 01, 2013 -- Moody's Investors Service affirmed Microsemi Corp.'s ("Microsemi") Ba2 Corporate Family Rating (CFR) and Senior Unsecured Debt rating and the Ba3-PD Probability of Default Rating following Microsemi's announced plan to extend the maturity of its Senior Secured Lien Credit Facilities to February 2020. The amendment will also remove the term loan's two financial maintenance covenants, though these covenants will apply if the $50 million revolver is drawn. The amendment is credit positive due to the extension of maturity and lower interest rate. The outlook is stable.
