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Published on 12/16/2004 in the Prospect News Convertibles Daily.

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.


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