S&P: Applied unchanged

Standard & Poor's said the A- long-term corporate credit rating of Applied Materials Inc. is unchanged following the assignment of ratings to its new $1 billion 4(2) commercial-paper program.

The program was assigned an A-2 short-term rating.

The proceeds will be used to help fund its $4.9 billion acquisition of Varian Semiconductor.

The outlook is stable.

The company's liquidity is strong, S&P said.

The ratings reflect its pro forma cash balances as of May 1 of about $1.6 billion and a $1.5 billion revolving credit facility that will serve as a backup for the commercial-paper program, the agency said.

The ratings also consider the company's leading competitive position across multiple semiconductor equipment product categories, S&P said.

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