BANGALORE (Thomson Financial) - Standard & Poor's Rating Services said it
has revised its long-term rating outlook on Tempur-Pedic International Inc to
stable from positive after the company cut its first-quarter results expectation
to below its earlier forecast.
The mattress and pillow manufacturer cut its first-quarter results forecast
due to the impact of a difficult consumer spending environment on its bedding
business.
The ratings agency also said it has affirmed the 'BB' corporate credit
rating on the company.
S&P said it expects the difficult consumer spending environment will hurt
the company's operating margins and credit protection measures in the near term
and that the company will need to reduce operating expenses to restore
profitability to prior levels.
TFN.newsdesk@thomson.com
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