S&P downgrades Lexmark

Standard & Poor's said it lowered the corporate credit rating and senior unsecured debt ratings on Lexmark International Inc. to BBB- from BBB and removed them from CreditWatch, where they had been placed on Jan. 15.

The outlook is stable.

"The downgrade reflects our belief that total revenue and profitability will remain pressured as Lexmark works through a strategic business mix shift toward higher usage and more profitable product sales in its consumer segment," S&P analyst Philip Schrank said in a statement.

The actions also include expanding their channel reach, with more emphasis on small-to-medium businesses as well as super stores, and introducing new products in both the inkjet and laser product lines.

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