Fitch rates ASML Holding BB-

Fitch Ratings said it has assigned ASML Holding NV a senior unsecured rating of BB- with positive outlook.

The rating reflects ASML's leading industry position in a three-player market, solid improvement in operating and financial performance over the past 18 months, improving cash flows and healthy liquidity, Fitch said.

The rating also takes into account ASML's limited scale, lack of product diversification, reliance on relatively few third-party suppliers and the highly cyclical nature of the lithography industry, Fitch said.

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