Veritas Bermuda Ltd. -- Moody's affirms Veritas's B2 corporate family rating on revised structure

New York, May 23, 2016 -- Moody's Investors Service ("Moody's") affirmed Veritas Bermuda Ltd.'s ("Veritas") B2 corporate family rating and B2-PD probability of default rating. Moody's also affirmed the B1 rating on Veritas's and co-borrower Veritas US Inc.'s first lien credit facilities and senior secured notes, and affirmed the Caa1 rating on the unsecured notes. The company reduced the total debt and revised the debt structure in connection with the closing of The Carlyle Group's acquisition of Veritas (formerly Symantec Corporation's information management business) in January 2016. Though the acquisition closed in January 2016, the revised capital structure was not marketed at that time. Moody's also assigned a B1 rating to the Senior Secured Euro Notes due 2023 and a Caa1 rating to the Term Loan B-2 which were added as part of the revised capital structure at closing. The rating outlook is stable.

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