S&P upgrades Artesyn, debt to B

Standard & Poor's said it raised its corporate credit rating on Artesyn Embedded Technologies Inc. to B from B-.

The outlook is stable.

At the same time, the agency raised its issue rating on Artesyn's senior secured debt to B from B-. The recovery rating remains 3, indicating an expectation for meaningful (50% to 70%; on the higher end of the range) recovery in a payment default.

"Our upgrade of Artesyn reflects our view of the company's improved sales execution in embedded power and computing solutions and continued strength in smartphone chargers over 2014, resulting in reduced leverage and an improved financial risk profile," S&P credit analyst Sylvester Malapas said in a news release.

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