Fitch cuts Western Digital to junk

Fitch Ratings said it downgraded the long-term issuer default rating for Western Digital Corp. to BB+ from BBB- and the senior unsecured ratings to BB+/RR4 from BBB-. The agency also placed all of Western Digital's ratings on rating watch negative following the company's announcement that it will spin off its flash business.

Western Digital's senior secured debt is rated BBB-/RR2. “Fitch plans to resolve the RWN once the company finalizes post-separation capital structures and financial policies, which we do not anticipate until closer to the second-half calendar 2024 target transaction date,” the agency said in a press release.

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