Moody's boosts Brocade outlook to positive

Moody's Investors Service said it Brocade Communications Systems Inc.'s corporate family outlook to positive from stable and affirmed Brocade's Ba3 corporate family rating.

Moody's said it also rated the company's proposed senior secured notes - about $600 million in total - Ba2, the same as the existing senior secured credit term and revolving credit facilities and revised its liquidity rating to SGL-1 from SGL-2.

The positive outlook reflects the success the company has achieved in integrating the Foundry acquisition, the relative stability of the combined business during the economic downturn and the improved liquidity resulting from the new notes and recent credit facility amendment, the agency added.

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