S&P downgrades Lattice, loan to B

Standard & Poor's said it lowered its corporate credit rating on Lattice Semiconductor Corp. to B from B+.

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 B+. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%; lower half of the range) recovery in the event of a payment default.

"The downgrade reflects the company's continued weakness in operating performance, which fell meaningfully short of our forecast," S&P credit analyst Minesh Shilotri said in a news release.

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