S&P lowers Wyle

Standard & Poor's said it lowered the corporate credit rating on Wyle Holdings Inc. to B from B+ following the company's announcement that its acquisition by Court Square Capital Partners was completed.

While the transaction lowers funded debt at the operating company, the use of new holding company preferred stock increases leverage in its view and weakens credit protection measures, the agency said.

"The ratings reflect modest profitability inherent in the government services business, budget reliance on key U.S. federal government agencies, and a highly leveraged financial profile," said credit analyst Martha Toll-Reed.

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