Fitch affirms STMicroelectronics

Fitch Ratings said it affirmed STMicroelectronics NV's long-term issuer default rating and senior unsecured ratings at A-.

The outlook is negative.

The affirmation reflects the effects of the portfolio and business restructuring that has taken place at STMicroelectronics over the past three years on financial results, the company's conservative financial policies and the broadly positive trends surrounding the company's core semiconductor markets, Fitch said.

With two of its three core divisions reporting strong margin expansion in 2010 and management publicly stating that it is on track to meet or better its medium-term targets across the business, the agency said it expects the company's financial profile and balance sheet strength to remain intact.

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