S&P ups Cadence Design

S&P said it upgraded Cadence Design Systems Inc. to BBB+ from BBB, citing the company’s increased revenue, EBITDA and unadjusted free operating cash flow over the last two years.

“After its first-quarter 2020 earnings, we now believe that Cadence will continue to exhibit good topline growth and stable credit metrics through the current Covid-19 pandemic-related economic fallout due to its market-leading EDA solutions with good industry tailwinds shared market duopoly with Synopsys and high recurring revenue,” S&P said.

The outlook is stable.

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