E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers R > Headlines for Renesas Electronics Corp. > News item
Published on 5/12/2022 in the Prospect News Bank Loan Daily, Prospect News Green Finance Daily and Prospect News Investment Grade Daily.

Fitch upgrades Renesas

Fitch Ratings said it upgraded Renesas Electronics Corp.'s long-term foreign- and local-currency issuer default ratings to BBB from BBB-. The agency said it also raised the ratings on Renesas' $1.35 billion of senior unsecured notes due 2024 and 2026 to BBB from BBB-.

“The upgrade reflects Fitch's expectation that Renesas will maintain total debt/operating EBITDA below 2.5x –– the level above which Fitch may consider negative rating action –– as operating performance continues to improve. Renesas has benefited from an extended global chip shortage, which has fueled strong revenue growth, while a wider EBITDA margin has reduced the gap with peers,” the agency said in a press release.

The outlook is stable.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.