Lexmark receives credit rating
- Lexmark is a division of Ninestar of China
- Fitch Ratings announced it gave the company a “B-“ rating
- Says Lexmark repaid its public bonds through a $339.1 million draw on commitments provided by China CITIC Bank Corp Limited, Guangzhou Branch
- Believes that Lexmark’s revenue will decline to a “high single digit” for Q2 of 2020
- Predict decline of 10% for hardware sales
- Decline of 5% in supplies revenue
- Reports that Lexmark faces an additional $128 million of term loan amortizations in 2020
- Additional $249 million in 2021
- Also $200 million in revolver facilities are due for renewal/extension upon maturity in 2021
- Ninestar has committed to providing $75 million in liquidity to meet Lexmark’s financial obligations if Lexmark is not able to generate positive cash flow this year
