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Fitch raises Amkor
Fitch Ratings said it upgraded its rating for Amkor Technology Inc. to BB+ from BB and its senior unsecured ratings to BB+/RR4 from BB/RR4.
The outlook is stable.
“The ratings and outlook reflect Fitch's increased confidence in Amkor's financial profile as the company navigates demand headwinds in certain key end markets. FCF margins and leverage metrics are solid for the rating despite elevated capital spending and lower profitability, respectively, while capital returns remain conservative,” the agency said in a press release.
Additionally, “We forecast EBITDA leverage sustained comfortably below our 3.5x negative leverage sensitivity through the forecast period, absent a material debt-funded acquisition, and estimate this metric was 0.9x for the latest 12 months ended June 30, 2023. Fitch expects positive FCF over the forecast period will support cash balances at the higher end of historical levels with excess cash used for capital returns,” Fitch said.
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