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S&P ups Global A&T, rates UTAC B
S&P said it assigned its B long-term corporate credit rating on UTAC Holdings Ltd.
The outlook is stable.
At the same time, the agency raised the long-term corporate credit rating on Global A&T Electronics Ltd. to B from D and withdrew the rating at the company's request.
S&P also withdrew the issue rating on Global A&T's outstanding notes.
The agency said the rating reflects UTAC's position as a midsize outsourced assembly and test company in a volatile industry with limited free operating cash flow due to high capital spending requirements.
The company's sound cost position and profit margins mitigate these constraints, S&P added.
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