S&P rates Analog Devices loans BBB

S&P said it assigned a BBB rating to Analog Devices Inc.'s new senior unsecured $1.25 billion revolving credit facility and $1.25 billion term loan A.

The proceeds will be used from the new term loan to refinance existing term loan debt, S&P said.

The issuer credit rating on Analog Devices remains at BBB with a stable outlook.

The ratings reflect an expectation that Analog Devices will generate consistent revenue and EBITDA in spite of growing semiconductor industry difficulties and slowing macroeconomic growth, S&P said.

The agency said it expects the company to maintain leverage of about 2x, which is in line with stated financial policies despite moderately more aggressive shareholder returns going forward.

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