S&P trims Entegris

S&P said it lowered its ratings on Entegris Inc. and its senior secured facilities to BB from BB+ and its senior unsecured notes to BB- from BB. The recovery ratings for the senior secured facilities at 3 and 5 for the senior unsecured notes are unchanged.

“Our expectation for a downturn in the semiconductor industry, with a broad-based inventory correction and reduced wafer starts, underpins our forecast of high-single-digit revenue decline in 2023. In the fourth quarter ended Dec. 31, 2022, Entegris reported a modest year-over-year revenue decline, pro forma for the CMC Materials Inc. acquisition, with declines in the specialty chemicals and engineered materials and advanced planarization solutions divisions, primarily due to softening in the semiconductor market,” S&P said in a press release.

Additionally, recently imposed export controls by China on the U.S. semiconductor market could cost Entegris’ revenue $80 million in 2023, the agency said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.