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News Breaks
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November 28, 2011
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| 08:31 EDT |  | HAR |
| theflyonthewall.com: | Harman gets ratings upgrade, positive outlook from S&P | | Harman International announced that Standard & Poor’s Ratings Services has raised the Company’s corporate credit rating to ‘BB+’ from ‘BB’, with a ‘positive’ outlook. S&P also raised the issue rating on the company's senior unsecured notes to 'BB' from 'BB-'. S&P noted that HARMAN’s corporate credit rating could rise to investment grade within the next year. In its statement, S&P commented that given the company's sizable backlog of new automotive business to be launched in the next several years, the company will be able to generate double-digit margins and free cash flow in the year ahead despite significant economic uncertainty. S&P added that the company will be able to comfortably manage its $400M October 2012 debt maturity with cash on hand, improving its liquidity position. :theflyonthewall.com |
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