S&P raises Applied Materials

S&P said it raised its issuer and issue ratings for Applied Materials Inc. to A from A-.

“The upgrade reflects Applied Material's strong business expansion over the past several years, resilient operating performance and cash flow generation through semiconductor cycles,” S&P said in a press release.

The agency said it forecasts Applied Material’s revenue growth of about 30% to continue for the remainder of fiscal 2021 (October-end), slowing to the mid- to high-single-digit area in the following two years, driven by capital investments by its foundry, logic and memory customers, coupled with consistent services growth.

The outlook is stable.

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