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Moody's rates Altera debt A2
Moody's Investors Service said it assigned an A2 rating to Altera Corp.'s proposed $500 million senior unsecured debt issuance.
The outlook is stable.
Proceeds will be used to repay a like amount of bank facility borrowings.
Moody's said Altera's A2 senior unsecured rating reflects the company's strong position in the $5 billion programmable logic device market, where Altera commands more than 40% market share and competes mostly with just one other company (Xilinx).
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