We are maintaining our CreditWatch placement on all our ratings on Mitel Networks Corp., including our 'B+' long-term corporate credit and issue-level ratings on the company, based on our expectation of continued tight covenant headroom at upcoming measurement periods. We expect to resolve the CreditWatch within the next 90 days. We would likely lower the ratings on Mitel during this time if the company fails to improve headroom on its debt-to-EBITDA covenant to about 15% (based on our forecast ratios) at each measurement over the next year. On March 11, 2016, Standard and Poor's Ratings Services maintained its CreditWatch on all of its ratings on Ottawa-based telephony hardware and software provider Mitel Networks Corp., including its 'B+' long-term corporate credit
