Fitch affirms STMicroelectronics

Fitch Ratings said it has affirmed STMicroelectronics' long-term issuer default rating and senior unsecured rating at A-, respectively.

The agency said it has simultaneously revised the outlook on the long-term issuer default rating to negative from stable.

Fitch noted that the outlook revision reflects the extremely weak revenue visibility affecting the semiconductor industry, and STMicroelectronics' end markets in particular, given current macroeconomic conditions.

Fitch added that it expects industry conditions to remain difficult throughout 2009 and believes that double-digit revenue declines are likely across the sector.

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