S&P: LSI Logic cut to negative

Standard & Poor's said it revised its outlook on LSI Logic Corp. to negative from stable and affirmed its BB- corporate credit rating and B subordinated debt rating on the company.

S&P said the outlook revision recognizes weaker-than-expected profitability in the September quarter and expectations that market conditions will not recover materially in the next several quarters.

Ratings continue to reflect the company's reliance on a limited customer base and volatile operating performance, more than offsetting its good niche semiconductor position and liquidity, according to S&P.

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