New York, May 04, 2016 -- Moody's Investors Service affirmed Seagate HDD Cayman's ("Seagate") senior unsecured debt ratings at Baa3, but changed the rating outlook to negative from stable. The change in outlook reflects Moody's concerns about the secular headwinds in Seagate's hard disk drive (HDD) segment amid a change in data storage technologies, a series of missed revenue and margin targets, and a weaker macroeconomic environment. Although the company has initiated steps to improve its operating performance and reduce its manufacturing footprint to account for the diminishing number of HDD unit sales, the turnaround, along with possible further strategic steps to protect its business, will strain its credit profile over the next 12 to 18 months.

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