MILAN (Standard&Poor's) Feb. 11, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Dutch diversified technology group Koninklijke Philips Electronics N.V. (Philips) following the group's publication of fourth-quarter and full-year 2002 results. The outlook remains negative. "The affirmation primarily reflects continued debt reduction--through operating cash flow generation, working-capital management, and minor asset sales over the past year--most notably in fourth-quarter, when the group reduced debt by approximately €1.7 billion," said Standard&Poor's credit analyst Guy Deslondes. Although profitability and ongoing restructuring remain Philips' chief recurring weakness, Standard&Poor's acknowledges the efforts of the group's management over the past year to focus primarily on cash flow
