Summary: MOSAID Technologies Inc. Jan 12
Standard & Poors, January 2012
Abstract
The ratings on MOSAID Technologies Inc. are largely driven by the company's highly leveraged financial risk profile characterized by Standard & Poor's Ratings Services' pro forma adjusted debt to EBITDA in the mid-6x range based on our fiscal 2012 expectations, weak pro forma cash flow protection measures, and an aggressive financial policy given the company's leveraged capital structure and financial sponsor ownership. The ratings also reflect our assessment of a fair business risk profile owing to what we consider MOSAID's relatively small scale, limited product diversity, high customer concentration, and uncertainty with respect to litigation outcomes. These factors are somewhat mitigated, we believe, by the strength of the company's intellectual property patent portfolio in areas of dynamic random access memory...
Companies mentioned in this report are: MOSAID Technologies Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
MOSAID Technologies Inc.
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