Artesyn Technologies Inc.'s quarter-ended Dec. 31, 2013 revenues of $267 million represented a 20% year-over-year decline, reflecting softness in its markets and its exit from low-margin product lines. We are lowering our corporate credit rating on Artesyn to 'B-' from 'B', reflecting our expectation that the company will continue to experience weak market conditions and negative to weak free cash flow over the coming year. In addition, we are lowering our issue-level rating on the company's $250 million secured notes due 2020 to 'B-' from 'B'. The recovery rating remains '3'. The stable outlook reflects our expectation that Artesyn will maintain adequate liquidity over the coming year as it bridges soft market conditions. On March 28, 2014, Standard&Poor's
