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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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;

Report Type:

Ratings Action

Palm Inc.
Computer Hardware (45202010)
Corporations, Global Issuers, High Technology
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S&P Credit Research. "Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative" Dec 04, 2008. Alacra Store. Nov 27, 2014. <>
S&P Credit Research. (). Palm Inc. Ratings Lowered To 'CCC+' From 'B-'; Outlook Remains Negative Dec 04, 2008. New York, NY: Alacra Store. Retrieved Nov 27, 2014 from <>
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