Moody's ups Mitel to SGL-2, view stable

Moody's Investors Service said it upgraded Mitel Networks Corp.'s liquidity rating to SGL-2 from SGL-4, revised the outlooks of Mitel and its subsidiary, Mitel US Holdings Inc. to stable from negative and affirmed Mitel's B3 corporate family rating and B3-PD probability of default rating.

Moody's also affirmed the B1 rating of Mitel and US Holdings' revolving credit facility and the B1 and Caa1 ratings of US Holdings' first- and second-lien term loans, and withdrew the B1 and Caa1 ratings of Mitel's term loans as they have been repaid.

Moody's said the liquidity rating upgrade and the revised outlooks reflect Mitel's improved liquidity profile and elimination of near-term refinance risks after closing its new credit facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.