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Moody’s upgrades CommScope
Moody's Investors Service said it upgraded CommScope Holding Co., Inc.'s corporate family rating to Ba3 from B1 and senior unsecured PIK notes rating to B2 from B3.
In addition, the agency upgraded subsidiary CommScope Inc.'s senior secured credit facility and senior secured notes to Ba1 from Ba2 and its senior unsecured notes rating to B1 from B2.
Moody's also upgraded CommScope Technologies LLC's senior unsecured notes to B1 from B2. CommScope Technologies LLC is subsidiary of CommScope, Inc.
The agency affirmed the speculative grade liquidity SGL-1 rating.
The outlook is stable.
Moody’s said the upgrade was driven by management's plans to pay down debt over the next 12 to 18 months, targeting an aggregate reduction of $1 billion post the August 2015 closing of the BNS acquisition.
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