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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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