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Moody’s changes Cohu view to stable
Moody’s Investors Service said it changed Cohu, Inc.’s outlook to stable from negative and affirmed its B2 corporate family rating, B2-PD probability of default rating and B2 term loan rating. The speculative grade liquidity rating is unchanged at SGL-2.
“The stable outlook reflects Moody’s expectation of a robust recovery in end-market demand for the remainder of 2020 and through 2021, lifting revenues toward $700 million from $576 million for the latest 12 months ended Sept. 26, 2020. With this increasing base of revenues, we expect that EBITDA will improve rapidly, supporting deleveraging, with debt to EBITDA (Moody’s adjusted) improving toward 5x and FCF to debt (Moody’s adjusted) towards the upper single digits percent level,” the agency said in a press release.
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