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Moody's Investors Service ("Moody's") assigned a Baa3 rating to NortonLifeLock Inc.'s senior secured debt facility. Moody's also affirmed the company's Ba2 Corporate Family Rating (CFR) and its Ba3 senior unsecured debt rating. The senior secured credit facility is comprised of a $500 million term loan, a $750 million delayed draw term loan and a $1 billion revolving credit facility.
Moody's Investors Service ("Moody's") downgraded the senior unsecured rating of Symantec Corporation (Symantec or NotonLifeLock Inc.) to Ba3 from Baa3. Moody's also assigned a Ba2 Corporate Family Rating (CFR) and Ba2-PD Probability of Default Rating (PDR). The downgrade of the unsecured debt rating is driven by the increase in leverage following the sale of its Enterprise business, shift to a more shareholder friendly financial policy and introduction of secured debt into the capital structure.
Moody's Investors Service ("Moody's") confirmed Symantec Corporation's ("Symantec") Baa3 senior unsecured rating. Symantec's Audit Committee investigation has since concluded, annual and quarterly financial statements have been made current with the Securities and Exchange Commission and the company recently announced a revised capital allocation plan including its intention to deploy excess cash toward pre-paying a $600 million unsecured term loan due August 2019 and to an upsized $1.3 billion share repurchase authorization program. The confirmation of the Baa3 rating reflects Symantec's progress in deleveraging as well as Moody's expectation for improving revenues, operating margins and cash flow in FYE March 2020.