Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative - S&P Credit Research

Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative

1050 words — Published Dec 04, 2008
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Abstract:
NEW YORK (Standard&Poor's) Dec. 4, 2008--Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on Sunnyvale, Calif.-based Palm Inc. to 'CCC+' from 'B-'. The outlook is negative. At the same time, We lowered our issue-level ratings on the company's secured term loan and revolving credit facility to 'CCC' from 'B-'. The recovery rating on the debt is revised to '5' from '4', indicating the expectation for modest (10% to 30%) recovery in the event of a payment default. "The actions reflects Palm's announcement that sales in the November 2008 quarter will decline to about half of the August quarter's level, reflecting challenging economic conditions and market share losses," said Standard&Poor's credit
  
Brief Excerpt:
RESEARCH Ratings Definitions Palm Inc. Ratings Lowered To '###+' From 'B-'; Outlook Remains Negative Publication date: 04-Dec-2008 Primary Credit Analyst: Bruce Hyman, New York (1) 212-438-7838; bruce_f_hyman@standardandpoors.com...
  
Report Type:
Ratings Action
Ticker
PALM
Issuer
Palm Inc.
Sector
Corporations, Global Issuers, High Technology
Country
United States
Region
United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:
S&P Credit Research. "Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative" Dec 04, 2008. Alacra Store. May 21, 2013. <http://www.alacrastore.com/research/s-and-p-credit-research-Palm_Inc_Ratings_Lowered_To_CCC_From_B_Outlook_Remains_Negative-687617>
  
APA:
S&P Credit Research. (). Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative Dec 04, 2008. New York, NY: Alacra Store. Retrieved May 21, 2013 from <http://www.alacrastore.com/research/s-and-p-credit-research-Palm_Inc_Ratings_Lowered_To_CCC_From_B_Outlook_Remains_Negative-687617>
  
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