Fitch rates Advanced Analog

Fitch Ratings said it assigned Advanced Analog Technology Inc. a national long-term senior unsecured rating of BB-(twn).

The outlook is stable.

Fitch said the rating reflects the company's strengthening market position in Taiwan's analog integrated circuits market, which offers robust growth opportunities with limited price competition. The rating also reflects Advanced Analog's low capex requirements, low financial leverage, and above average profitability.

The rating is primarily constrained, the agency said, by the small size of the company, which also has concentrated sales (among top clients and within the TFT-LCD sector), a limited management track record, and a longer-than-average cash conversion cycle.

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