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S&P: KLA-Tencor outlook negative
Standard & Poor's said it revised its outlook on KLA-Tencor Corp. to negative from stable due to declining sales and earnings because of its exposure to the steadily deteriorating semiconductor industry, compounded by prospects for further near-term declines at KLA and anticipation of a 6% industry-wide decline in 2009 semiconductor sales.
The agency said the BBB rating on KLA reflects its good cash balance, moderate leverage, lack of near-term debt maturities and leading position in the semiconductor metrology and inspection equipment industry.
These factors are, in part, tempered by substantial industry cyclicality, low product revenue visibility and technology risks, S&P said.
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