S&P ups Lattice

S&P said it upgraded the ratings on Lattice Semiconductor Corp. and its senior secured debt to B+ from B. The recovery rating on the debt is 3.

“The upgrade on Lattice Semiconductor Corp. reflects improving business and financial fundamentals over the past 12 months. During this time, the company's profitability has significantly improved, it has deleveraged through debt repayment, interest coverage expenses improved significantly due to better interest rates on the new debt issuance in May 2019, and new product developments have been initiated that are expected to generate revenue growth in 2020 and 2021,” said S&P in a press release.

Gross leverage as of the third quarter has improved to 2x area from the low 4x area at the end of fiscal 2018.

The outlook is stable.

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