Moody's lowers Harman

Moody's Investors Service said it lowered the corporate family and probability-of-default ratings of Harman International Industries to Ba2 from Ba1, its $300 million multicurrency revolving credit due 2010 to Ba3 (LGD5, 76%) from Ba2 (LGD5, 76%) and speculative grade liquidity rating to SGL-3 from SGL-2.

The outlook is negative.

Moody's said the downgrade reflects the dramatic deterioration of the company's operating performance during its second quarter evident in the earnings release.

For the 12 months ending Dec. 31, Harman's debt-to-EBITDA ratio was 2.5x.

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