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Moody's upgrades Microchip
Moody's Investors Service said it upgraded Microchip Technology Inc.'s senior unsecured rating to Baa1 from Baa2.
“The upgrade reflects Moody's expectation that Microchip will maintain financial leverage around 1.5x around debt to EBITDA (Moody's adjusted) over the next 12 to 18 months. This is despite a near-term slowdown in end market demand during which Moody's expects leverage will briefly exceed 1.5x. Moody's also expects that Microchip will maintain strong profitability, with EBITDA margin maintained above 40% (Moody's adjusted) through the near-term downturn and in the mid to upper 40s percent level (Moody's adjusted) over the next 12 to 18 months,” the agency said in a press release.
The outlook is stable.
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