Western Digital Corp’s restructurng has found favour with Moody’s Investors Service Inc, which raised its rating on the Irvine disk-maker’s convertible subordinated debentures to B3 from Caa, affecting about $60m of debt. The near-term rating outlook is positive, but the rating is moderated by the company’s recent record of three years of losses and a limited product line that is susceptible in the competitive, fast-paced disk drive industry.The action reflects the company’s successful bid to grab market share in the 3.5 higher capacity hard drive segment, stronger liquidity and lower debt.
