Moody's upgrades NXP

Moody's Investors Service said it upgraded the ratings on NXP BV's senior unsecured notes to Baa3 from Ba1 and NXP Semiconductors NV's cash convertible notes to Ba1 from Ba2.

Given the upgrade to the senior unsecured ratings, Moody's said it withdrew NXP's corporate family rating of Ba1, probability of default rating of Ba1-PD and speculative grade liquidity rating of SGL-1.

The outlook is stable.

The upgrades reflect NXP's continued strong free cash flow generation and clearly articulated financial policy, Moody's said.

The agency said it believes that in spite of anticipated near-term headwinds to growth, long term secular growth drivers in mobile phone networks remain intact.

Moody's rates TPG Specialty notes Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to TPG Specialty Lending, Inc., a publicly traded business development company managed by TSL Advisers, LLC.

Moody's also said it assigned a Baa3 rating to TSL's $150 million senior unsecured notes due 2023, which were issued in January.

The outlook is stable.

The ratings are based on TSL's superior earnings and profitability since its 2014 initial public offering, high proportion of first-lien senior secured lending that should aid credit performance and earnings stability, the agency said.

TSL has a strong record of profitability, but the company's limited operating history is a rating constraint, Moody's said.

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