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TEXT-S&P corrects Microsemi rating
October 18, 2012 / 5:30 PM / 5 years ago

TEXT-S&P corrects Microsemi rating

(The following statement was released by the rating agency)
    Oct 18 - Standard & Poor's Ratings Services today corrected its recovery
rating on Aliso Viejo, Calif.-based semiconductor manufacturer Microsemi Corp.'s
$50 million revolver due 2015 by revising it to '2' from '1' because we did not
revise it following the recovery report dated Oct. 4, 2011. The recovery rating
on the revolver is '2', indicating our expectation of a substantial (70% to 90%)
recovery in the event of default. The issue-level rating on the term loan is
'BB' (one notch higher than the corporate credit rating).

The 'BB' issue-level rating and '2' recovery rating on Microsemi Corp.'s $810 
million term loan due 2018 remain unchanged. (For more information, see 
Microsemi's recovery report to be published shortly on RatingsDirect.)

Criteria Guidelines For Recovery Ratings On Global Industrials Issuers' 
Speculative-Grade Debt, Aug. 10, 2009


Microsemi Corp.
 Corporate Credit Rating             BB-/Stable/--

Recovery Rating Revised; Issue Rating Unchanged
                                     To               From
Microsemi Corp.
 $50 mil. revolver due 2015          BB         
   Recovery Rating                   2                1

 (Caryn Trokie, New York Ratings Unit)

0 : 0
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