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Targus Group International Ratings Are Lowered; Outlook Revised To Developing

  • ID: 1755937
  • January 2009
  • Region: Global
  • Standard & Poors
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Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

CHICAGO (Standard & Poor's) Jan. 9, 2009--Standard & Poor's Ratings Services said today that it lowered its ratings on Anaheim, Calif.-based Targus Group International Inc., including the corporate credit rating, to 'CCC+' from 'B-'. At the same time, we lowered the rating on the company's first-lien bank credit facility to 'B-' from 'B', and the second-lien bank credit facility to 'CCC' from 'CCC+'. The recovery ratings on the bank loan facilities remain unchanged at '2' (indicating the expectation of substantial recovery (70%-90%) in a payment default) and '5' (indicating the expectation of modest recovery (10%-30%) in a payment default) for the first- and second-lien facilities, respectively. In addition, we revised the outlook to developing from negative. As of Sept. 30,...

Companies mentioned in this report are: Targus Group International Inc.
Action: Downgraded
Action: Outlook: Developing

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Targus Group International Inc.

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