Fitch changes Keysight view to stable

Fitch Ratings said it affirmed Keysight Technologies, Inc.'s ratings at BBB and revised the outlook to stable from negative.

The agency said the affirmation and outlook revision reflects Keysight's progress toward returning its leverage to below 2.5x, which is consistent with the company's commitment made when it acquired Ixia in 2017 and slightly ahead of Fitch's initial expectations.

Fitch said that by its calculation, Keysight's total debt with equity credit to operating EBITDA leverage declined to 2.4x in the period ending July 31.

“Overall, Keysight continues to articulate relatively conservative financial policies for the rating category characterized by a relatively low leverage target (1.75x to 2.25x) and modest share repurchase program ($350 million authorization), particularly relative to its technology peers,” the agency said in a news release.

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