SMART Modular Technologies (Global), Inc. -- Moody's downgrades SMART Modular's debt; CFR to Caa1; stable outlook

New York, December 17, 2015 -- Moody's Investors Service ("Moody's") downgraded SMART Modular Technologies (Global), Inc.'s ("SMART") ratings, including the Corporate Family Rating ("CFR") to Caa1 from B2, the Probability of Default Rating ("PDR") to Caa1-PD from B2-PD, the Senior Secured Term Loan ("Term Loan") to Caa1 from B2, and the Senior Secured Revolver ("Revolver") to B3 from B1 due to both weakening end market demand in Brazil, which has caused SMART's earnings to decline substantially, and the approaching Term Loan maturity. The rating outlook is stable.

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