While third-quarter results showed Lumileds? LED business' improving operating performance, the company still burns cash and its total available liquidity of about $77 million at the end of September 2024 cannot fully cover its needs over the next 12 months, in our view. This increases the likelihood of a liquidity shortfall absent any cash injection from new liquidity sources. We therefore placed our ?CCC+? issuer rating on Lumileds and our ?CCC+? issue rating on its exit term loan on CreditWatch with negative implications. The CreditWatch negative indicates that we could affirm or lower our ratings on Lumileds by one or more notches depending on whether the company is able to secure fresh liquidity. This was mainly the result of still-low
