- Published: March 2011
- Region: Global
Summary: KLA-Tencor Corp. Dec 11
- Published: December 2011
- Standard & Poors
The rating on Milpitas, Calif.-based KLA-Tencor Corp. reflects Standard & Poor's Ratings Services' expectation that the company will sustain its competitive position throughout the cycle and preserve its "intermediate" (as defined in our criteria) financial profile, as its strong liquidity and consistent free cash flow generation offset the typical industry cyclicality. The semiconductor capital equipment industry is experiencing a decline from its cyclical peak and we believe KLA-Tencor's operating trends are more volatile than the broader semiconductor industry. We anticipate that the company's revenues in the fiscal second quarter of 2012 (ending December 2011) will decline in the mid-teen percentage area on a year-over-year basis, as a result of moderating capital expenditures at semiconductor manufacturers. We expect the company to...
Companies mentioned in this report are: KLA-Tencor Corp.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >