Moody's confirms Flextronics, rates loan Ba1

Moody's Investors Service said it confirmed the ratings of Flextronics International, Ltd. with a negative outlook and assigned a Ba1 rating to the company's new $1.75 billion delayed draw unsecured term loan in response to the closing of the Solectron acquisition.

The agency said that the initial draw on the term loan of $1.1 billion will finance the cash portion of the merger consideration.

Moody's noted that ratings confirmed include the company's Ba1 corporate family rating and the Ba2 ratings on its senior subordinated notes.

At the same time, Moody's said it upgraded Solectron's convertible senior notes and senior subordinated notes to Ba2 from B3 and withdrew Solectron's B1 corporate family, B1 probability-of-default and SGL-1 speculative-grade liquidity ratings.

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