This report does not constitute a rating action. PARIS (S&P Global Ratings) April 19, 2024--S&P Global Ratings today said that it believes Bright Bidco ?s (CCC+/Negative; doing business as Lumileds) liquidity position will remain under pressure in 2024 absent asset disposals to strengthen its cash buffer. We forecast a weak liquidity-sources-to-uses ratio of about 0.85x for the 12 months starting Jan. 1, 2024, as Lumileds' available $81 million cash balance does not fully cover our expectations of negative funds from operations (FFO) of $20 million-$25 million; minimum capital expenditure of about $20 million; short-term debt maturities of $11 million; and intra-year working capital swings of up to $40 million. We exclude the $7.5 million still available under the group?s revolving
