S&P downgrades Vishay

Standard & Poor's said it lowered its corporate credit rating on Vishay Intertechnology Inc. to BB- from BB and placed the rating on CreditWatch with developing implications.

The agency said the downgrade and CreditWatch placement reflect its concerns that the headroom under the company's fixed-charge coverage performance covenant may be significantly diminished by the September quarter. Headroom was ample as of March, but S&P expects revenue and profitability to remain at or near levels generated in the March quarter, resulting in declining EBITDA measured on a trailing-12-month basis.

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