INT'L RECTIFIER <IRF> DEBT DOWNGRADED BY S/P
Standard and Poor's Corp said it cut to
CCC from B-minus International Rectifier Corp's 58 mln dlrs of
convertible subordinated debentures due 2010.
    The company's implied senior debt rating is B-minus.
    S and P said the downgrade reflected expectations of
restricted financial flexibility through at least the
intermediate term. It also cited a highly leveraged balance
sheet and reduced access to capital.
    The rating agency said International Rectifier's ability to
reduce high debt levels and interest expense through cash from
operations is very limited.
 Reuter
