Moody’s revises Entegris view to stable

Moody’s Ratings said it revised its outlook for Entegris Inc. to stable from negative and affirmed its ratings, including the Ba1 corporate family rating, the Baa3 senior secured rating, the Ba2senior unsecured rating, and the Ba1-PD probability of default rating.

Entegris’ financial metrics and cash generation are expected to continue strengthening, the agency said. Moody’s forecasts revenue will increase annually in the upper-single digits to low-teens percent over the next 12 to 18 months.

“This reflects underlying semiconductor served market growth in the mid to upper single digits percent and Entegris's market outperformance of several hundred basis points due to wafer content growth. The EBITDA margin (Moody's adjusted) will improve to the high 20s percent level from 25% for 2023. With the increasing EBITDA level and debt repayment, we expect that leverage will be reduced toward 4x debt to EBITDA (Moody's adjusted) over the period,” the agency said in a statement.

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