S&P turns Seagate view to negative

S&P said it changed its outlook for Seagate Technology Holdings plc to negative from stable and affirmed the BB+ issuer rating.

The agency said it revised its forecast for Seagate and now forecasts leverage to approach 5x in the fiscal year ending June 2023 (fiscal 2023), well above the 3x downgrade threshold, before falling back to mid-2x in 2024.

S&P noted it could downgrade Seagate if the expected rebound fails to occur.

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