Moody's cuts STMicroelectronics debt

Moody's Investors Service said it downgraded to Baa2 from Baa1 the senior debt ratings of STMicroelectronics Finance BV, following the company's announcement of an update to its strategic plan on Dec. 10.

The outlook on the ratings was changed to stable from negative.

"Today's rating action reflects the slower performance improvement in both ST's wholly owned business as well as in its joint venture ST-Ericsson as compared with our initial expectations," said Kathrin Heitmann, a Moody's analyst and lead analyst for STMicroelectronics, in a news release.

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