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S&P downgrades Lattice CCR, loan to B+
Standard & Poor's said it lowered its corporate credit rating on Lattice Semiconductor Corp. to B+ from BB-.
The outlook is stable.
At the same time, the agency lowered the issue-level rating on the company's $350 million senior secured term loan to B+ from BB-. The recovery rating on the debt remains 3, indicating an expectation for meaningful (50%-70%; higher half of the range) recovery in the event of a payment default.
"The downgrade reflects the company's recent operating performance, which is meaningfully below our forecast, and our expectation that the company's credit measures will remain weak for the next 12 to 18 months," S&P credit analyst Minesh Shilotri said in a news release.
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