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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.
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