Summary: Targus Group International Inc. May 11

Standard & Poors, May 2011

Abstract
The ratings on Anaheim, Calif.-based Targus Group International Inc. (Targus) reflect our view of its highly leveraged financial profile and vulnerable business profile. We believe the company's profitability is exposed to volatility because of its narrow product focus, relatively small size, and heavy reliance on corporate information technology and consumer spending on notebook computers. Targus' financial profile remains highly leveraged, but has improved significantly following the completion of a capital restructuring in December 2009. Pro forma for the completion of the proposed refinancing transactions, we expect adjusted debt to EBITDA to increase slightly to the mid-5x area, up from about 5.2x for the 12 months ended April 2, 2011. We estimate total adjusted debt will increase modestly to about $235...

Companies mentioned in this report are: Targus Group International Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Targus Group International Inc.

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