MARKETS

S&P reduces Western Digital credit outlook on soft smartphone, PC demand

Western Digital Corp.
WDC,
-1.08%
shares slipped Friday as the data-storage device company’s outlook was reduced by S&P Global Ratings, which held onto its “BB” issuer credit rating. S&P reduced Western Digital’s outlook to negative from stable reflecting “increased risk of a downgrade” over the next 12 months. “Continued inventory digestion at hyperscale data center customers and soft demand from smartphone and PC markets have extended recovery past our original expectations,” S&P said in a statement. Western Digital shares declined 1.7%, while the S&P 500 index
SPX,
-0.14%
was down 0.4%.

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