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Moody's lowers Microsemi
Moody's Investors Service said it downgraded Microsemi Corp.'s corporate family rating and existing senior secured credit facilities ratings to Ba2 from Ba1, the probability of default rating to Ba3 from Ba2 and the speculative grade liquidity rating to SGL-2 from SGL-1.
The outlook is stable.
Moody's said the rating revision to Ba2 primarily reflects Microsemi's more aggressive use of debt to pursue a comparatively large-sized acquisition. Microsemi's financial risk profile has increased, reflected by the company's willingness to aggressively use debt to acquire all of the outstanding shares of Zarlink Semiconductor Inc. for about $617 million, according to the news release.
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