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Analog Devices Inc. Oct 11
Standard & Poors, Oct 2011
Abstract
Conservative financial policies; Strong free cash flows; and Market leadership in selected subsegments of the analog market. Focused scope of operations; and Entrenched competition among the fragmented analog suppliers. The corporate credit rating on Analog Device Inc. (ADI) reflects Standard & Poor's Ratings Services' expectation that ADI's good market position in the analog semiconductor segment, conservative balance sheet, consistent profitability, and cash flows will enable it to maintain strong liquidity and low leverage despite a highly competitive and cyclical industry. The company's minimal financial profile is the key support for the rating, given our satisfactory business profile. The analog industry is highly fragmented, with the three largest industry leaders--Texas Instruments, Analog Devices, and Maxim Integrated Products--capturing less than 43% share...
Companies mentioned in this report are: Analog Devices Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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