Moody's: Applied Materials unaffected

Moody's Investors Service said that Applied Materials' A3 senior unsecured credit rating and stable outlook are unaffected by the company's announcement that its board authorized a 13% increase in its common dividend and a new stock repurchase program authorizing up to $3 billion in repurchases over the next three years ending in March 2015.

The dividend increase represents an additional $54 million of annual payments, which Moody's said it estimates will approximate $470 million over the next year.

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