Artesyn Embedded Technologies Inc. Is Upgraded To 'B' On Reduced Leverage And Improved Financial Profile

SAN FRANCISCO (Standard&Poor's) May 8, 2015--Standard&Poor's Ratings Services raised its corporate credit rating to 'B' from 'B-' on Tempe, Ariz.-based Artesyn Embedded Technologies Inc. The outlook is stable. At the same time, we raised our issue rating to 'B' from 'B-' on Artesyn's senior secured debt. The recovery rating remains '3', indicating our expectation for meaningful (50% to 70%; on the higher end of the range) recovery in a payment default. "Our upgrade of Artesyn reflects our view of the company's improved sales execution in embedded power and computing solutions and continued strength in smartphone chargers over 2014, resulting in reduced leverage and an improved financial risk profile," said Standard&Poor's credit analyst Sylvester Malapas.

...SAN FRANCISCO (Standard & Poor's) May 8, 2015--Standard & Poor's Ratings Services raised its corporate credit rating to 'B' from 'B-' on Tempe, Ariz.-based Artesyn Embedded Technologies Inc. The outlook is stable. At the same time, we raised our issue rating to 'B' from 'B-' on Artesyn's senior secured debt. The recovery rating remains '3', indicating our expectation for meaningful (50% to 70%; on the higher end of the range) recovery in a payment default. "Our upgrade of Artesyn reflects our view of the company's improved sales execution in embedded power and computing solutions and continued strength in smartphone chargers over 2014, resulting in reduced leverage and an improved financial risk profile," said Standard & Poor's credit analyst Sylvester Malapas. The stable outlook reflects our view of Artesyn's improved profitability and growing free operating cash flow despite a highly competitive operating environment. RELATED CRITERIA AND RESEARCH Related Criteria + Methodology And Assumptions:...

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