Fitch changes outlook for Texas Instruments to negative

Fitch Ratings said it revised Texas Instruments Inc.'s outlook to negative from stable and affirmed its long-term issuer default rating, senior revolving credit facility and senior notes at A+ and its short-term issuer default rating and commercial paper program at F1.

The agency also affirmed subsidiary National Semiconductor Corp.'s long-term issuer default rating and senior notes at A+.

The negative outlook reflects a less diverse business profile due to steady declines in Texas Instruments' wireless business and limited prospects for recovery in wireless given competitors' increased market dominance, Fitch said.

The ratings are supported by Texas Instruments' strong financial flexibility, its meaningful share leadership in analog and embedded processing and the more sustainable operating results from Texas Instruments' intensified focus on the more fragmented analog and embedded processing markets and diversified customer base, the agency said.

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