Artesyn Embedded Technologies Inc. has agreed to sell its Embedded Power business to Advanced Energy Industries Inc. for $400 million. We believe Artesyn will use the proceeds to reduce debt, which will support significant credit metrics improvement. We are placing our 'CCC' long-term issuer credit and issue-level ratings on Artesyn on CreditWatch with positive implications. We plan to resolve the CreditWatch within 90 days, once the transaction closes and we gain visibility on Artesyn's plans for its capital structure and the remainder of the business. The CreditWatch placement follows Artesyn's announcement on May 15, 2019, that it entered into a stock purchase agreement to sell its Embedded Power business to Advanced Energy, a global leader in power conversion solutions, for
