Fitch lifts International Rectifier view to positive

Fitch Ratings said it revised International Rectifier Corp.'s (IR) outlook to positive from stable and affirmed the company's BB- issuer default rating.

Fitch noted the ratings on IR's B+ senior subordinated debt and BB senior secured bank credit facility are also affirmed.

The positive outlook reflects Fitch's expectations that IR's richer sales mix, anticipated divestiture of its non-aligned products segment and positive longer term power management growth trends will result in IR achieving a stronger operating and financial profile, albeit still within the context of the semiconductor cycle.

Fitch added it also believes the company's proprietary products provide greater visibility and, therefore, are less susceptible to gross margin erosion.

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