Ingram Micro Gets Lower Credit Rating
Standard & Poor’s lowered Ingram Micro Inc.’s credit rating to junk bond status, citing the company’s slowing sales and weak profitability.
A day after the firm reported a third-quarter loss, S&P; lowered its rating on the Santa Ana-based company one notch to BB-plus from BBB-minus, S&P;’s lowest investment grade rating.
The ratings take into account a quarterly profit, excluding special charges, of $5.4 million.
Lower operating earnings and falling sales have reduced some ratios--such as operating cash to total debt--below levels S&P; expected.
The stock moved up 40 cents to close at $12.80 a share on the NYSE.
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