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Brocade Communications Systems Inc. Upgraded To 'BB+' Due To Ongoing Debt Reduction Jan 12
Standard & Poors, Jan 2012
Abstract
U.S. networking equipment manufacturer Brocade Communication Systems has improved its financial profile through continued debt repayments and enhanced cash flow generation. We are raising our corporate credit rating on Brocade to 'BB+' from 'BB'. The stable outlook reflects ongoing debt reductions and our expectation that the company's financial policy will remain consistent with our 'intermediate' financial risk profile. SAN FRANCISCO (Standard & Poor's) Jan. 25, 2012--Standard & Poor's Ratings Services said today that it raised its corporate credit rating on San Jose, Calif.-based Brocade Communications Systems Inc. to 'BB+' from 'BB'. The outlook is stable. In addition, we raised our issue-level rating on the company's $300 million senior secured notes due Jan. 15, 2018 from 'BBB-' to 'BBB'. We also...
Companies mentioned in this report are: Brocade Communications Systems Inc.
Action: Upgraded
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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