S&P rates Symantec notes BB

Standard & Poor's said it assigned a BBB corporate credit rating to Symantec Corp., along with a BB rating on its $1 billion of convertible senior unsecured notes due 2011 and $1 billion convertible senior unsecured notes due 2013, as well as its proposed offering of up to $1.1 billion of senior unsecured notes due 2015 and 2010.

The outlook is stable.

The company said the company plans to use proceeds from the debt issuance for general corporate purposes, which may include the repayment of its $1.1 billion of senior convertible unsecured notes due 2011.

The ratings reflect Symantec's satisfactory business position, a successful track record of integrating acquired operations and good growth opportunities across products, platforms and geographies, S&P said.

The company's fragmented and competitive markets and moderately aggressive acquisition strategy are tempered by its defensible market positions and adequate financial flexibility to support its growth initiatives, the agency said.

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