We are affirming our ratings on Mitel Networks Corp. including our 'B+' long-term corporate credit rating, after the company announced its acquisition of Polycom Inc. for US$1.96 billion. At the same time, we are removing all of our ratings on the company from CreditWatch, where they were placed with negative implications Sept. 21, 2015, due to tight covenant headroom. We are also revising our liquidity assessment on Mitel to adequate from less than adequate. The stable outlook reflects Standard&Poor's expectation the Polycom Inc. acquisition will close as proposed and Mitel will maintain pro forma adjusted debt-to-EBITDA in the mid-to-low 3x area as acquisition synergies accrete to earnings in 2016 and 2017, contributing to moderate debt reduction from free
