Moody's rates STATS ChipPAC bonds Ba2

Moody's Investors Service said it assigned a Ba2 senior unsecured rating to STATS ChipPAC Ltd.'s proposed $165 million bond issuance. At the same time, Moody's affirmed the company's Ba2 senior implied rating. The outlook is stable.

Moody's said the Ba2 rating for the bond recognizes the upstream guarantees from STAT ChipPAC's major operating subsidiaries, which represent about 90% and 95% of consolidated asset and sales respectively.

Part of the bond proceeds will be used to refinance existing debt including the remainder of $165 million senior subordinated notes due 2009, with the reminder for general purposes.

© 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.