S&P: Phototronics unaffected

Standard & Poor's said Photronics Inc.'s plan to sell $175 million in common stock will not affect its BB-/stable corporate credit or other ratings on the company.

The action strengthens Photronics' balance sheet and provides this medium-scale company with additional operating flexibility to sustain its position as a major supplier in a consolidating, technology-intensive industry, the agency said.

Photronics plans to use the proceeds for working capital and general corporate purposes, including potential acquisitions and repayment of debt.

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