S&P ups Infineon Technologies

S&P said it raised Infineon Technologies AG’s issuer and issue ratings to BBB from BBB-. The agency also upgraded Infineon’s hybrids to BB+ from BB.

“Sharp cyclical rebounds in the auto, industrial, and internet of things (IoT) end-markets, and long-term growth drivers translated into accelerated revenue growth for Infineon Technologies of 29.1% in fiscal 2021 (year ended Sept. 30), and S&P Global Ratings expects 16%-18% growth in fiscal 2022,” the agency said in a press release.

S&P said it assumes Infineon's S&P Global Ratings-adjusted debt to EBITDA of 1.5x in fiscal 2021 will improve toward 1x in fiscal 2022.

The outlook is stable.

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