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Moody’s changes MKS outlook to negative
Moody’s Investors Service said it changed its outlook for MKS Instruments, Inc. to negative from stable and affirmed the Ba1 ratings on the company and its senior secured loans. The speculative grade liquidity rating remains unaffected at SGL-1.
“The revision of the outlook to negative reflects MKS' weak credit profile amid challenging market conditions. MKS has materially underperformed Moody's expectations over the past year and the company's financial metrics will remain poor over the next 12 to 18 months. MKS' semiconductor end market segment is experiencing a difficult demand environment. MKS' customers in the semiconductor capital equipment market are themselves facing reduced demand from semiconductor manufacturers, particularly in the memory segment,” the agency said in a press release.
On a global macroeconomic level, Moody’s said it sees the environment weakening in 2024 and delaying and hurting the recovery of MKS’ semiconductor and electronics & packaging end markets.
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