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S&P downgrades Artesyn
S&P said it lowered the corporate credit rating to B- from B on Artesyn Embedded Technologies Inc.
The outlook is stable.
The agency also said it lowered the rating to B- from B on Artesyn's senior secured notes.
The recovery rating remains at 3, indicating 50% to 70% expected default recovery.
The downgrades reflect Artesyn's weak operating performance over 2016 and expectations for only gradual operating performance improvement in 2017 with modest to negative free cash flow, S&P said.
In 2017, S&P said it expects generally flat revenue performance, declining EBITDA and continuing operational restructuring costs.
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