*NEWS*LEXMARK:$650Mln SENIOR UNSECURED NOTES RATED 'BBB'

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*NEWS*LEXMARK:$650Mln SENIOR UNSECURED NOTES RATED 'BBB'

 user 2008-05-21 at 2:43:50 pm Views: 93
  • #20178

    http://www.forbes.com/markets/feeds/afx/2008/05/19/afx5025459.html
    Lexmark International’s $650 mln senior unsecured notes rated ‘BBB’ – S&P
    MUMBAI – Standard & Poor’s Ratings Services said it has assigned its ‘BBB’ rating on U.S.-based printer maker Lexmark International Inc.’s $650 million senior unsecured notes to be issued in two tranches due 2013 and 2018.The company will use issue proceeds for general corporate purposes, including share repurchases.S&P also affirmed Lexmark’s ‘BBB’ corporate credit rating. The outlook is negative.The rating reflects the company’s good financial profile with moderate leverage, and significant base of highly profitable supplies revenues, S&P said. These factors are offset partially by a relatively narrow product base, a highly competitive market in which significantly larger and more diversified competitors dominate, and diminished earnings predictability, S&P added.