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S&P: Silicon Graphics developing
Standard & Poor's said it affirmed its CCC+ corporate credit rating on Silicon Graphics Inc. and revised its outlook to developing from positive.
Although EBITDA trends have continued to be positive, the outlook revision reflects S&P's concern about negative cash flow trends over the past two quarters and the recently disclosed weaknesses in Silicon Graphics' internal controls.
Total debt to EBITDA as of June 2004 was in excess of 6x.
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