Moody's: Vitesse stable

Moody's Investors Service said it revised Vitesse Semiconductor Corp.'s outlook to stable from negative and affirmed all existing ratings for the company.

Moody's affirmed Vitesse's B1 senior implied and long-term issuer ratings and B3 rated $135.4 million 4% convertible subordinated debentures due March 2005.

Moody's said the outlook change reflects a prominent reduction in the company's liquidity risk resulting from its recent private placement of $90 million convertible subordinated debentures and modestly improved operating performance.

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