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Moody’s rates Applied Materials debt A3
Moody's Investors Service said it assigned an A3 senior unsecured rating to Applied Materials Inc.'s proposed debt offering and affirmed the existing A3 senior unsecured rating and Prime-2 short term rating.
The outlook is stable.
Proceeds are expected to be used for general corporate purposes, which may include repaying $200 million of outstanding notes due October 2017.
Moody’s said the A3 senior unsecured rating reflects Applied Materials’ strong to leading market positions in several sub segments of the semiconductor equipment market, its solid debt protection measures and strong liquidity profile.
The agency expects that revenues in the wafer fabrication equipment sector will increase by about 5% over the next year based on spending plans of major customers.
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