Fitch rates KLA-Tencor BBB

Fitch Ratings said it has initiated coverage on KLA-Tencor Corp. and assigned the following ratings: issuer default rating of BBB and senior unsecured debt of BBB.

The outlook is stable.

The assignment of the ratings follows KLA-Tencor's announcement that it plans to issue $500 million of senior unsecured notes with proceeds used for general corporate purposes, the agency said.

Fitch added that it believes a portion of the net proceeds could be used to fund the previously announced tender offer of ICOS Vision Systems Corp. for an aggregate maximum purchase price of €392 million.

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