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S&P revises Artesyn to positive
Standard & Poor's said it affirmed its B- corporate credit rating on Artesyn Technologies Inc. and revised the outlook to positive from stable.
The agency also affirmed the B- issue-level rating on Artesyn's 9¾% secured notes due 2020. The recovery rating remains 3, indicating an expectation for meaningful (50% to 70%) recovery of the notes' principal in the event of default.
"The outlook revision to positive reflects our expectation that Artesyn will achieve modest revenue and EBITDA growth over the next 12 months and reverse the revenue declines it experienced in 2014," S&P credit analyst John Moore said in a news release.
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