S&P cuts Conexant

Standard & Poor's said it lowered its corporate credit rating on Conexant Systems Inc. to B- from B and subordinated debt to CCC+ from CCC on sharply reduced sales and profitability over the next few quarters The outlook is negative.

S&P said Conexant has experienced overall slowing demand because of excess channel inventory and lower market prices and reduced end-customer demand.

A sharp decline in sales is expected to partially normalize inventory levels in the company's channels, according to S&P.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.