New York, November 29, 2016 -- Moody's Investors Service ("Moody's") has downgraded Lexmark International, Inc.'s ("Lexmark") senior unsecured debt ratings to Ba2 from Baa3. As part of the rating action, Moody's assigned Lexmark a Ba2 corporate family rating (CFR) and a Ba2-PD probability of default rating. The ratings remain on review for downgrade pending further clarification of the security package that the existing senior note holders will receive, as well as the timing and use of proceeds from the proposed sale of the company's Enterprise Software ("ES") unit.
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