Moody’s ups KLA-Tencor rating

Moody’s Investors Service said it upgraded the senior unsecured rating of KLA-Tencor Corp. to Baa1 from Baa2.

The outlook is stable.

"Moody's expectations for ongoing fundamental drivers for semiconductor industry capital expenditures will drive revenue and free cash flow growth over the next few years leading to strong financial flexibility, including low leverage and strong liquidity," Richard Lane, Moody's senior vice president, said in a news release.

“The upgrade reflects the strong business outlook as well KLA's conservative financial posture and moderate capital allocation practices.”

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