S&P cuts Fairchild Semiconductor

S&P said it lowered its corporate rating on Fairchild Semiconductor International Inc. to BB (the same as our corporate credit rating on ON Semiconductor Corp.) from BB+ and removed it from CreditWatch, where S&P had placed it with negative implications on Nov. 18, 2015.

The outlook is stable.

S&P then withdrew its corporate credit rating on Fairchild following the completion of its merger with ON Semiconductor at the issuer's request.

“The rating action follows the closing of the merger of Fairchild and ON Semiconductor,” said S&P credit analyst Tuan Duong in a news release.

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