Moody’s downgrades Foundry notes

Moody's Investors Service said it downgraded to Baa1 from A3 Foundry JV Holdco LLC's $1.1 billion of senior secured notes due Jan. 25, 2034, $700 million of senior secured private placement notes due Jan. 25, 2038, and $550 million of delayed draw senior secured private placement notes due Jan. 25, 2039. The outlook has been revised to stable from negative.

The issuer is a joint venture of Intel and Arizona Fab LLC.

The downgrade and outlook revision were prompted by the Thursday announcement that Moody's had downgraded Intel Corp.'s senior unsecured ratings to A3 from A2 and changed the outlook to stable from negative.

© 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.