*NEWS*MOODY’s CUTS LEXMARK RATING

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*NEWS*MOODY’s CUTS LEXMARK RATING

 user 2007-10-10 at 12:02:00 pm Views: 41
  • #19332

    Moody’s cuts Lexmark rating
    NEW
    YORK- Credit-ratings agency Moody’s Investors Service on Friday lowered
    its ratings on printer manufacturer Lexmark International Inc , saying
    a move by consumers to less profitable printers will help drive down
    profit.Moody’s changed its long-term senior unsecured rating on Lexmark
    to ‘Baa1′ from ‘A3.’

    ‘Baa1′ is the third-lowest ‘investment-grade’ rating.
    Moody’s
    said it expects Lexmark’s operating results in the second and third
    fiscal quarters to be ‘significantly weaker than expected,’ and
    impacted by industrywide pressure to lower inkjet and laser printer
    prices.Consumer demand for printers that are less profitable to
    manufacturers, and a need to increase product development, will
    significantly impact results, Moody’s said.