Moody’s cuts Plantronics

Moody's Investors Service said it downgraded Plantronics, Inc.'s corporate family rating to Ba3 from Ba2.

Moody's also downgraded Plantronics' senior secured debt ratings to Ba2 from Ba1 and senior unsecured rating to B2 from B1.

The agency said the downgrade is driven by recent performance declines exacerbated by lingering Polycom integration challenges, delays in introducing next generation products and Moody's concerns over the pace of recovery and debt paydown.

The speculative grade liquidity rating was also downgraded to SGL-2 from SGL-1 driven by reduced levels of free cash flow and covenant tightness.

The outlook is negative.

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