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S&P ups Quantum
Standard & Poor's said that it raised the corporate credit rating on Quantum Corp. to B from B-.
The outlook is stable.
The upgrade reflects that the company has posted four sequential quarters of sustained EBITDA generation, despite ongoing declines in its core tape business, the agency said.
The rating on Quantum reflects the expectation that the company will experience challenges expanding and growing its disk-based business to sufficiently offset the long-term decline of legacy tape-related storage products, S&P said.
The debt-to-EBITDA ratio has been stable for the last four quarters at about 4 times.
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