S&P: Applied Materials unchanged

Standard & Poor's said the rating and outlook on Applied Materials Inc. are not affected following news that its board of directors approved a share repurchase program authorizing up to $3 billion in repurchases over the next three years ending in March 2015.

The company's board also approved a 13% increase in the quarterly cash dividend to about $470 million annually.

The company's financial policy share repurchases and dividends will be funded out of its free operating cash flow, which was about $2 billion for the 12 months that ended Jan. 31, S&P said.

Current debt leverage is slightly below 1x, the agency said.

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