Moody's cuts Memec to junk

Moody's Investors Service said it downgraded the existing debt ratings of Memec Group and simultaneously placed the ratings on review for possible downgrade.

The following ratings were affected by this action: senior implied rating lowered to Ba2 from Baa2; senior secured bank debt rating lowered to Ba1 from Baa1.

Moody's said the downgrade reflects Moody's opinion that Memec does not have an investment-grade profile. The review will also take into account the historical volatility of Memec's business segment and the current positive trends in the technology sector.

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