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S&P cuts KLA-Tencor, notes to BBB
Standard & Poor's said it lowered its corporate credit rating on KLA-Tencor Corp. to BBB from BBB+.
The outlook is stable.
At the same time, the agency lowered its issue-level rating on the company's $750 million senior unsecured notes due 2018 to BBB from BBB+.
"The downgrade reflects KLA-Tencor's announced $4 billion shareholder return program, which will be partially financed with $2.5 billion of incremental debt, leading to debt leverage rising to 1.5x over the next two years," S&P credit analyst David Tsui said in a news release.
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