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S&P lifts Applied Materials view to positive
Standard & Poor's said it revised the outlook on Applied Materials Inc. to positive from stable.
S&P also said it affirmed the company's A- corporate credit rating and other ratings.
After the merger, Applied Materials will have a more diverse product portfolio across multiple semiconductor-equipment product categories and will have strengthened its already leading competitive position in this volatile, consolidating and technology-intensive industry, the agency said.
The merger should yield cost synergies, although larger cross-border mergers could present additional integration challenges, S&P said.
The merger between Applied Materials and Tokyo Electron is subject to regulatory approvals and is expected to be completed by the second half of 2014 or sooner, the agency said.
The ratings reflect the company's satisfactory business risk profile, considering its leading competitive position, product diversity and scale efficiencies, S&P said.
The semiconductor industry's inherent cyclicality and risk of technological obsolescence partly offset those advantages, the agency said.
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