Moody’s affirms KLA-Tencor

Moody’s Investors Service said it affirmed the Baa2 long-term ratings of KLA-Tencor Corp. following the company's announcement that it agreed to acquire Orbotech Ltd. for $3.2 billion.

The outlook remains stable.

The agency said KLA's Baa2 senior unsecured rating reflects its very strong and defensible position in the semiconductor inspection and metrology equipment market.

The rating also reflects a track record of good business execution and cash flow generation through industry cycles, solid debt protection measures and a strong liquidity profile.

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