Moody's boosts GlobalFoundries

Moody's Investors Service said it upgraded the corporate family and senior unsecured bond ratings of GlobalFoundries Singapore to Ba3 from B1. This concludes a review that began in October.

The outlook is stable.

The upgrade takes into account the injection from Advanced Technology Investment Co., the parent company, of about $830 million in equity to recapitalize GlobalFoundries balance sheet for debt payments, Moody's said.

The company's credit profile is better than earlier expectations when the rating was placed on review, the agency said.

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