S&P: Kemet view negative

Standard & Poor's said it revised its outlook on Kemet Corp. to negative from stable.

The agency said it affirmed the company's ratings, including the B+ corporate credit rating.

The issue-level rating on the company's 10Ω% secured senior notes due 2018 is B+. The 4 recovery rating on the notes is unchanged and indicates an expectation for average recovery in the event of a payment default.

"The outlook revision is based on recent operating weakness that has resulted in negative free operating cash flow and trailing-12-month leverage approaching 5x despite sequential improvement this past quarter," said S&P credit analyst Alfred Bonfantini in a news release.

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