Moody’s lifts Artesyn, notes

Moody's Investors Service said it upgraded the ratings of Artesyn Embedded Technologies, Inc., including the corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the rating on the senior secured notes due 2020 to B2 from B3.

The outlook is stable.

Moody’s said the upgrade is based on Artesyn's improved earnings profile and the resulting reduction in the company's leverage along with expectations of modest earnings and cash flow growth over the coming quarters driven by the company's on-going restructuring and cost reduction efforts.

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