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S&P cuts Artesyn Embedded Technologies
S&P said it lowered its issuer credit rating on Artesyn Embedded Technologies Inc. to CCC from B- “because we believe the company's capital structure is unsustainable and that there is meaningful risk of a distressed exchange or other restructuring actions over the next 12 months.”
In addition, S&P said it lowered the issue-level rating on the firm's senior secured notes to CCC from B-.
The outlook is negative.
“The downgrade reflects our view of the risk that Artesyn will not be able to refinance its 2020 debt maturities in a timely manner and at favorable terms, and that there is a substantial possibility of a distressed exchange or other restructuring activity over the next 12 months,” S&P said in a news release.
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