Lexmark Assigned BBB- Stock Rating Due To $1.2 Billion of Debt

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Lexmark Assigned BBB- Stock Rating Due To $1.2 Billion of Debt

 user admin 2014-08-12 at 11:31:54 am Views: 147
  • #40259

    Lexmark Assigned BBB- Stock Rating Due To $1.2 Billion of Debt
    Fitch Assigns Initial 'BBB-' Ratings to Lexmark International; Outlook Stable

    NEW YORK, Aug 11, 2014 (BUSINESS WIRE) — Fitch Ratings has assigned initial ratings to Lexmark International, Inc. (Lexmark) as follows:

    –Issuer Default Rating (IDR) 'BBB-';–Senior unsecured revolving credit facility (RCF) 'BBB-'; and–Senior unsecured debt 'BBB-'.The Rating Outlook is Stable.

    Fitch's action affects approximately $1.2 billion of debt, including Lexmark's undrawn $500 million RCF.


    The ratings and Outlook reflect Lexmark's:–Consistent FCF from recurring revenue: Fitch expects free cash flow will remain above $225 million annually supported by annuity revenue that represents approximately 70% of total revenue. The growth of annuity revenue provides a more predictable revenue stream that reduces volatility in an economic downturn.