S&P: Photronics outlook stable

Standard & Poor's said it revised its outlook on Photronics Inc. to stable from negative and affirmed its BB- corporate credit rating and B subordinated debt rating.

The revised outlook reflects the company's improving financial prospects during the semiconductor industry's cyclical upswing, as well as benefits from cost reduction actions in recent quarters.

S&P said ratings continue to reflect the challenges of international growth and the company's ongoing acquisition strategy in a rapidly changing competitive marketplace, partly offset by the company's moderate financial profile and strong position in an evolving niche market.

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