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S&P Cuts STMicroelectronics NV to 'BBB'; Outlook Negative-Reuters

Monday, 17 Dec 2012 07:00pm EST 

Reuters reported that Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on STMicroelectronics NV. It removed the rating from CreditWatch, where it was placed with negative implications on August 27, 2012. The outlook is negative. At the same time, it affirmed the 'A-2' short-term rating. S&P expects STMicroelectronics NV to report significantly weaker revenues, operating margins, and free cash flows in 2012 and 2013 than it previously expected. It continues to view the Company's business risk profile as "satisfactory" under its criteria. The negative outlook reflects the possibility of a further downgrade if the exit from ST-Ericsson impairs ST's net financial cash position or if S&P foresees that the Group will materially miss its operating margin target of 10%. 

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0.036 +0.56%
11 Jul 2014