Targus Group International Ratings Are Lowered; Outlook Revised To Developing
- ID: 1755937
- January 2009
- Region: Global
- Standard & Poors
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Research type: News
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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: Outlook: Developing