Form 6-K KONINKLIJKE PHILIPS NV For: Jul 27
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S&P Cuts Philips N.V. (PHG) to 'BBB+'; Notes Weak Operational Performance
July 28, 2015 2:21 PM EDTStandard & Poor's Ratings Services today lowered its long-term corporate credit and debt issue credit ratings on The Netherlands-based diversified technology group Koninklijke Philips N.V. (NYSE: PHG) to 'BBB+' from 'A-'. The outlook is stable.
We affirmed our 'A-2' short-term rating on the group.
The downgrade reflects Philips' weak operational and financial performance in 2014 due to a moderate decline in its underlying performance and significant incidental charges that further depressed reported earnings. This has led us to reassess Philips' financial risk profile assessment as "intermediate" from "modest." Philips' funds from... More
