U.S. power conversion and embedded computer solutions provider Artesyn Embedded Technologies Inc. reported revenues of about $1.2 billion and free cash flow of about $43 million for the 12 months ended Dec. 31, 2014, with year-on-year growth since June 30, 2014, on continued strength in smartphone charger sales, efficiencies achieved through the 2014 restructuring of its manufacturing operations, and generally improved sales execution. Over the coming year, we expect Artesyn will achieve continued earnings growth, with EBITDA margins improving to the high single-digit area in 2015 from the mid to high single-digit area in 2014. We are upgrading Artesyn to 'B' from 'B-' and raising the issue rating on its senior secured debt to 'B' from 'B-'. Our recovery rating
