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S&P rates GSI notes B-
Standard & Poor's said it assigned its B corporate credit rating to GSI Group Inc. and assigned its B- senior unsecured rating to the new $125 million senior unsecured notes due in 2013 issued to redeem GSI's existing senior subordinated notes and other debt.
GSI is the primary operating company. All of the company's subsidiaries will be designated restricted subsidiaries.
The outlook is stable.
S&P said the ratings reflect GSI's high debt load, limited liquidity and aggressive financial policy, along with its presence in the cyclical and competitive agricultural equipment market. On the other hand, GSI does have strong market position, large dealer network and industry-average profitability.
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