Gateway Ratings Cut To Junk Status

Standard & Poor's cites brutal PC industry competition -- and a declining revenue base

Standard & Poor's lowered its credit ratings on Gateway Inc. (GTW ) on Aug. 22 and removed them from CreditWatch, where they were placed on March 1, 2001. Ratings on Gateway's corporate credit and bank loans were ech lowered from BBB- to BB, below investment grade. Its shelf regisration rating was lowered from BBB-/BB+ to BB/B+ as well.

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