Ottawa-based premise and cloud-based unified communications solutions provider Mitel Networks Corp. has entered into an agreement to acquire Aastra Technologies Ltd. for aggregate consideration of about C$400 million, composed primarily of Mitel stock. The acquisition will strengthen Mitel's credit metrics and moderately improve its competitive position, in our view. As a result, we are revising our outlook on Mitel to positive from stable, and affirming our 'B' long-term corporate credit rating on the company. The positive outlook reflects the potential for an upgrade if Mitel maintains adjusted pro forma debt-to-EBITDA below 4x in 2014 and there is evidence that acquisition-related synergies are likely to drive adjusted debt-to-EBITDA below 3.5x in 2015 and beyond. TORONTO (Standard&Poor's) Nov. 18, 2013--Standard
