S&P: Conexant Systems unchanged

Standard & Poor's said its ratings on Conexant Systems Inc. (B-/negative) are not affected by the company's announcement that it has settled its legal disputes with Texas Instruments, Inc. for a lump sum payment of $70 million.

The agency said that the company still faces maturities of $457 million in February 2007 that will require some refinancing.

While the company's recent operational performance has been improving and the legal settlement removes an uncertainty, liquidity remains under pressure and access to capital markets will remain a key concern in the near term, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.