New York, November 03, 2016 -- Moody's Investors Service ("Moody's") placed Brocade Communications Systems, Inc.'s ("Brocade") ratings under review for downgrade including its Ba1 Corporate Family Rating ("CFR") and Ba1 senior unsecured rating. This follows the announcement that Broadcom Ltd. ("Broadcom") plans to acquire Brocade for $12.75 per share or about $5.5 billion. The review is driven by the potential that a portion of existing Brocade debt could remain outstanding post-closing and uncertainty about the debt's ranking in the new Broadcom capital structure. Broadcom has not disclosed specifics regarding how the transaction will be financed or the capital structure post-closing. If Brocade's debt is put back to the company or otherwise repaid in full in connection with the closing, all of Brocade's ratings will be withdrawn.

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