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Brocade Credit Rating Upgraded by Standard and Poor'sEnhanced Cash Flow Generation and Debt Reduction Noted as Key Drivers (January 25, 2012)
SAN JOSE, CA -- (Marketwire) -- 01/25/12 -- Brocade® (NASDAQ: BRCD) today reported that Standard and Poor's Ratings Services (S&P) has upgraded its credit rating to BB+ from BB and its secured debt rating to BBB from BBB- on its $600 million senior secured notes.
"Brocade continues to be very focused on strengthening our balance sheet with our strong cash flows, reducing our debt position, and managing the business to our financial model goals. We are pleased that S&P has recognized these efforts in its upgrade of the company today," said Dan Fairfax, Brocade CFO.
S&P highlighted in its press release that the upgrade reflects Brocade's improved credit profile through enhanced cash flow generation and continued debt reductions during the past year, as well as S&P's expectation that the company will maintain its intermediate financial risk profile.
For additional information about the Brocade upgrade and the press release issued by S&P, please go to www.standardandpoors.com.
Brocade (NASDAQ: BRCD) networking solutions help the world's leading organizations transition smoothly to a world where applications and information reside anywhere. (www.brocade.com)
Brocade, the B-wing symbol, BigIron, DCFM, DCX, Fabric OS, FastIron, IronView, NetIron, SAN Health, ServerIron, TurboIron, and Wingspan are registered trademarks, and Brocade Assurance, Brocade NET Health, Brocade One, Extraordinary Networks, MyBrocade, VCS, and VDX are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned are or may be trademarks or service marks of their respective owners.
© 2012 Brocade Communications Systems, Inc. All Rights Reserved.
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