Fitch cuts STMicroelectronics

Fitch Ratings said it downgraded STMicroelectronics' long-term issuer default and senior unsecured ratings to BBB+ from A-.

The outlook is stable.

The downgrade considers the continued weakness and lack of revenue and earnings visibility at ST-Ericsson, the company's wireless chipset joint venture with Telefonaktiebolaget LM Ericsson (BBB+/stable), according to the agency.

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