Fitch affirms KLA-Tencor

Fitch Ratings said it affirmed KLA-Tencor Corp.'s issuer default rating and senior debt rating at BBB.

The outlook is stable.

The ratings incorporate KLA-Tencor's strong operating performance within the context of a sharp rebound in semiconductor capital spending, particularly by foundry customers, Fitch said.

The ratings consider the company's technology leadership, the belief that the company will maintain conservative financial policies and secular long-term growth trends, the agency said.

The ratings are constrained by substantial customer concentration and the highly cyclical demand patterns associated with the semiconductor equipment market, Fitch said.

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