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Brightstar Corp. 'BB-' Rating Affirmed; Off CreditWatch Negative, But With Negative Outlook Nov 11
Standard & Poors, Nov 2011
Abstract
Miami-based global wireless distributor and supply chain services provider Brightstar Corp.'s reporting of results for the June 2011 quarter were delayed due to the correction of certain financial statement errors. The errors were not material to the company's operating results. We are affirming our 'BB-' corporate credit rating on Brightstar, and removing it from CreditWatch, where we placed it with negative implications on Oct. 18, 2011. The negative outlook reflects leverage that is high for the current rating level and weaknesses in internal controls over financial reporting. NEW YORK (Standard & Poor's) Nov. 23, 2011--Standard & Poor's Ratings Services said today that it affirmed its ratings, including the 'BB-' corporate credit rating, on Brightstar Corp., and removed them from CreditWatch,...
Companies mentioned in this report are: Brightstar Corp.
Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch
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.
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