Moody's ups Cadence

Moody's Investors Service said it upgraded Cadence Design Systems Inc.’s issuer and senior unsecured ratings to A3 from Baa2.

The upgrade reflects the company's resilient performance through the pandemic environment and Moody's expectation, “that ongoing fundamental drivers for electronic design automation (EDA) software sector will support steady revenue and free cash flow growth over the next few years, leading to strong financial performance, including low leverage and strong liquidity," said Richard Lane, a Moody's senior vice president, in a press release.

“The upgrade reflects the strong business outlook as well Cadence's conservative financial practices and moderate capital allocation practices,” Lane added.

The outlook is stable.

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