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S&P: CommScope unaffected
Standard & Poor's said CommScope Inc.'s announced restructuring of its relationship with Furukawa Electric Co. has no impact on CommScope's rating or outlook.
S&P previously had taken into account the presence of the put option and its positive implications for credit.
S&P said by activating the put, CommScope receives 7.7 million shares of CommScope common stock, which the company will hold as treasury stock and which represents a potential future capital resource. At the same time, CommScope will no longer record equity losses from its exposure to the joint venture, which has depressed reported net income for some time but which did not affect the company's cash position.
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