Moody's: TTM outlook positive

Moody's Investors Service said it affirmed TTM Technologies, Inc.'s B1 corporate family rating and B2 probability-of-default rating and revised the outlook to positive.

The agency also affirmed the company's $40 million senior secured revolving credit facility due 2011 at B1 (LGD3, 34% from LGD3, 31%) and $99 million secured term loan due 2012 at B1 (LGD3, 34% from LGD3, 31%).

The positive outlook reflects TTM's favorable operating performance, successful integration of the Tyco Printed Circuit Group acquisition and accelerated debt reduction, the agency said.

The outlook also incorporates expectation for make modest acquisitions and investments in Asia, principally China, to expand its printed circuit board manufacturing capacity in lower cost regions, Moody's said.

TTM's leverage ratio is about 1.2 times on an adjusted basis, the agency said.

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